MGM Resorts International has closed its deal to purchase the Empire City Casino in Yonkers, New York. MGM is paying $850 million for the property, which includes the building itself and nearly 100 acres of land.
The land represents additional areas that MGM could develop or expand the existing property. Yonkers borders New York City to the north, and the casino is only 15 miles from Times Square.
The property also includes a harness racing track. MGM received permission to continue offering races, which is a necessity to offer slot machines under New York law.
“We are pleased to welcome the 1,200 employees at Empire City Casino to the MGM Resorts family,” said MGM Resorts Chairman and CEO Jim Murren, in a press release. With this new addition to the MGM Resorts portfolio, we have now gained a foothold in the high-density New York City region and we look forward to leveraging the MGM platform to maximize value in this evolving marketplace.”
With New York casino, MGM establishing a grip on northeast
MGM now owns four properties in the crowded northeastern section of the country.
Last year, the casino giant completed construction and debuted the $960 million MGM Springfield in Massachusetts. MGM opened MGM National Harbor in the Baltimore, Maryland area in 2016. That same year, the company also bought out partner Boyd Gaming to assume complete control of Atlantic City‘s Borgata.
Company management clearly intends the Yonkers property to strengthen awareness and marketing for the other properties. In an email to Mass Live, MGM Springfield President and CEO Michael Mathis said:
“The Empire City Casino acquisition in Yonkers is designed to tap into the underserved NY market, which will complement the MGM Springfield market. MGM’s unmatched East Coast presence in major markets allows for significant cross marketing and customer loyalty programming that offer us a clear competitive edge.”