![]() The press release additionally states that MGM would sell the Yonkers property for $625 million to MGM Growth Properties and would lease it back for $50 million a year and a subsidiary of MGM Resorts would operate the property.Ĭhairman and CEO of MGM Resorts International, Jim Murren, communicated that they are excited to add Empire City to the company’s portfolio. ![]() An additional $50 million, which MGM also agreed to pay contingent upon Empire City’s receipt of approval to host live table games prior to the end of 2022, brings the total cost to $900 million. Latest Casino and Gambling News, Horse Racing, Sports betting, Mergers, Acquisitions & Partnerships, New YorkĪmerican global hospitality and entertainment company, MGM Resorts International (NYSE: MGM), announced Tuesday that together with its real-estate investment trust, MGM Growth Properties LLC (NYSE: MGP), it has agreed a deal that will see it purchase Empire City Casino in New York for $850 million.Īccording to the official press release, MGM Resorts would pay a combination of cash and $260 million in stock and assume about $245 million of Empire City’s outstanding debt. Betting on sports futures, props and lay bets.
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