"The competitive and economic assumptions underpinning our application have shifted."
"The newly defined competitive landscape - with four proposals clustered in a small geographic area - challenges the returns we initially anticipated from this project," MGM said."
"Spano called it a shocking "180-degree reversal" and a "betrayal.""
MGM Yonkers abruptly withdrew its application for a full New York casino license, leaving three entities competing for up to three state licenses. The withdrawal concentrates proposals in Queens and the Bronx and reduces competition in Yonkers. A Bally's-led Bronx partnership could result in a $115 million payment to the Trump Organization if awarded a license. MGM pointed to shifted competitive and economic assumptions, noting that four nearby proposals would challenge projected returns and that its smaller proposal would receive a 15-year license instead of a 30-year license. Yonkers Mayor Michael Spano demanded a state investigation and criticized the reversal.
Read at Newsday
Unable to calculate read time
Collection
[
|
...
]