MGM Yonkers Files $2.3B New York Casino License Bid

MGM Resorts has officially entered the race for one of New York’s three downstate casino licenses. The company pitched a $2.3 billion proposal to expand its Empire City Casino into a full-fledged resort with table games, live dealers, and an impressive array of amenities. The project, officially pitched by MGM Yonkers Inc., the operator’s local arm, must contend with substantial competition as New York plans to grant only three full gaming licenses.

MGM Will Build upon Its Existing Offerings

Empire City currently operates as a harness racetrack and video lottery terminal facility, one of New York City’s two so-called “racinos.” MGM’s plan envisions a dramatic upscaling of the property, which has been a fixture in Westchester County for over a century. The proposal includes redesigned gaming floors, luxury high-limit lounges, a dedicated BetMGM Sportsbook, and a 5,000-seat entertainment venue.

The expanded Empire City Casino will feature three new restaurants and enhance existing dining options, providing guests with unprecedented choices. A multi-story parking garage with electric vehicle charging stations and solar panels will ensure the increased traffic does not impact the surrounding area while demonstrating MGM’s clean energy priorities.

MGM’s pitch leverages Empire City’s track record as a long-standing contributor to the local economy to mitigate potential community pushback. Since the start of its casino operations in 2006, the venue has contributed over $5 billion to New York’s education fund, or $1.6 billion since its acquisition by MGM in 2019. Should the company receive one of the coveted licenses, construction should end by mid-2029.

The Project Should Deliver Significant Tax Revenues

The company anticipates that its expansion will create thousands of jobs while boosting annual tax contributions to Yonkers by more than $15 million. Under the proposed revenue-sharing model, Yonkers would receive 10% of the tax funds, with 5% going to Westchester County and an additional 5% shared between Rockland and Putnam counties.

Yonkers Mayor Mike Spano has been a strong voice in support of MGM’s potential bid. He contends that Empire City and Genting’s Resorts World in Queens, the region’s other large racino, should have priority for casino licenses so that they could expand their economic contributions. MGM Resorts CEO Bill Hornbuckle was optimistic that the project would gain traction and continue Empire City’s legacy.

Achieving a full casino license will ensure Empire City Casino will continue to be a cultural and economic force for generations to come.

Bill Hornbuckle, MGM Resorts International president and CEO

While MGM faces substantial competition for the limited casino licenses, it stands a real chance of succeeding. Other projects include a Caesars-backed bid in Times Square in partnership with Jay-Z’s Roc Nation, along with proposals from Bally’s, Hard Rock, and others. However, Wynn Resorts and Las Vegas Sands recently withdrew their applications, narrowing the field. With the December deadline not too far off, the race for casino licenses is still anybody’s game.