"The newly defined competitive landscape with four proposals clustered in a small geographic area challenges the returns we initially anticipated from this project. Also, our proposal to renovate and expand Empire City Casino was predicated on the receipt of a 30-year commercial casino license, but based on newly issued guidance from the State of New York, we now expect to qualify for only a 15-year license."
"MGM stated in a press release issued late on Tuesday that changing economic and competitive conditions had rendered the project no longer viable. The company also cited a reduction in the expected license term from 30 years to 15 years, which would alter returns on its planned $2.3 billion investment. The now-dead bid would have seen the expansion and renovation of Empire City Casino at Yonkers Raceway, adding a high-limit lounge, a state-of-the-art BetMGM Sportsbook,"
MGM Resorts withdrew its application to expand Empire City racino in Yonkers, citing changing economic and competitive conditions and a reduced license term from 30 to 15 years. The Gaming Facility Location Board set an Oct. 14 deadline for supplemental materials, including projected tax rates, revenue estimates, and anticipated state and city tax revenue. With MGM out, three bidders remain for the three planned downstate commercial casino licenses: Resorts World NYC, Metropolitan Park in Queens, and Bally’s Bronx proposal. The proposed Empire City project would have included a high-limit lounge, BetMGM Sportsbook, a 5,000-seat entertainment venue, restaurants, upgraded dining, and parking.
Read at www.amny.com
Unable to calculate read time
Collection
[
|
...
]