MGM Withdraws New York City Area Casino Bid

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«It’s not a secret that the big winner» from this reversal will be Bally’s proposal for a casino at the former Trump Links in the Bronx, Spano said. In his statement, Spano said, «I am calling on Governor (Kathy) Hochul to launch an independent investigation into this process, because the reasons MGM gives for its 180-degree reversal just don’t add up. The property has generated more than $5 billion for New York state education, including $1.6 billion under its ownership. MGM said in its statement that it has been a proud partner of the city of Yonkers and the state of New York since it purchased Empire City Casino in 2019. Taken together, these events result in a proposition that no longer aligns with our commitment to capital stewardship, nor to that of our real estate partner in Yonkers, VICI.»
Some casinos impose lower withdrawal limits for card transactions due to the fees involved and the time it takes to process these payments. Higher VIP levels often come with increased withdrawal limits as a reward for player loyalty. «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. «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. It added, «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.»
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In a statement issued after the announcement, Yonkers Mayor Mike Spano, a strong supporter of the bid, called for an independent investigation. MGM states that its abrupt withdrawal is a result of changing financial and competitive assumptions. Additionally, Westchester County will receive 5 percent, while Rockland and Putnam counties will each receive the remaining 5 percent. Under MGM’s proposed framework, 20 percent of tax revenues from a new license would benefit local jurisdictions. In the press release, MGM noted that Empire City has «generated more than $5 billion for New York State education, including $1.6 billion since MGM Resorts assumed ownership in 2019.»
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