fromThe Motley Fool
1 day agoMGM Is Out of New York Casino Competition. Here's Why it May Be Good for the Stock. | The Motley Fool
First, a quick history lesson. The largest operator of casino hotels on the Las Vegas Strip in 2018 announced an $850 million deal to buy Empire City Casino in Yonkers, New York, closing that transaction in January 2019. That acquisition was validated because MGM rapidly turned the slots-only venue into one of the highest-grossing regional casinos in the country, and in 2022, New York lawmakers approved plans to issue three licenses for Las Vegas-style gaming venues in the Big Apple.
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