MGM YONKERS SUBMITS COMMERCIAL CASINO LICENSE APPLICATION IN NEW YORK

Rhea-AI Summary

MGM Resorts (NYSE: MGM) has submitted a commercial casino license application to transform its Empire City Casino in Yonkers, New York, with a $2.3 billion investment plan. The proposal includes renovating gaming areas, adding a BetMGM Sportsbook, and constructing a 5,000-capacity entertainment venue.

The development, targeted for completion by mid-2029, features three new restaurants, a parking garage with solar arrays, and EV charging stations. Since 2006, Empire City Casino has generated over $5 billion for New York State education, with $1.6 billion contributed since MGM's 2019 acquisition. If approved, the project will create thousands of jobs and distribute 20% of tax revenue among local governments.

Positive

• Significant $2.3 billion investment plan demonstrating strong commitment to the region
• Empire City Casino has generated over $5 billion for New York State education since 2006
• Project will create thousands of direct, induced, and indirect jobs
• 20% of tax revenue will be shared with local governments
• Integration of sustainable features including solar energy arrays and EV charging stations

Negative

• Extended timeline with project completion not expected until mid-2029
• License approval is not guaranteed despite significant investment proposal

News Market Reaction

+1.72%

1 alert

+1.72% News Effect

On the day this news was published, MGM gained 1.72%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Application highlights transformative vision for Empire City

YONKERS, N.Y., June 26, 2025 /PRNewswire/ -- MGM Yonkers Inc., a subsidiary of MGM Resorts International (NYSE: MGM), today submitted its commercial casino license application to the New York Gaming Commission and the Gaming Facility Location Board, with a $2.3 billion proposal to transform its historic Empire City Casino site into a commercial casino and entertainment destination. The development plans have been thoughtfully curated to achieve the maximum benefits for the State of New York, City of Yonkers and surrounding counties, while also meeting the needs of the local community.

MGM Yonkers' plans include the full renovation and expansion of Empire City Casino's existing gaming areas, an expansive high-limit lounge and the addition of a state-of-the-art BetMGM Sportsbook offering retail sports betting. The plan also envisions the addition of a 5,000 person maximum capacity entertainment venue and accompanying meeting space which will welcome a variety of A-list and local performances with the design flexibility to accommodate special events, local graduations and other community needs.

Additionally, three new full-service restaurants and the renovation of existing food and beverage venues will provide high-concept dining options for guests. A parking garage with solar energy arrays and electric vehicle parking spaces are among features that demonstrate MGM Resorts' strong commitment to sustainability. If MGM Yonkers is awarded a commercial casino license, it anticipates completing all project elements by mid-2029.

"Empire City Casino and Yonkers Raceway have anchored the entertainment and tourism culture in downstate New York for more than a century. Achieving a full casino license will ensure this site will continue to be a cultural and economic force for generations to come," said Bill Hornbuckle, President and CEO of MGM Resorts International.

Empire City's role in the community and local economy
Since opening in October 2006, Empire City Casino has generated more than $5 billion for New York State education, including $1.6 billion since MGM Resorts assumed ownership in 2019.

MGM Yonkers' casino application details the significant financial benefit the City of Yonkers, New York's third-largest city, and the surrounding counties would receive from this project as part of the revenue share formula. If a license is awarded to Empire City, 20% of the generated tax revenue will be distributed with 10% directed to the City of Yonkers, 5% to Westchester County and 5% divided between Rockland and Putnam counties.

The proposal estimates the project will ultimately create thousands of direct, induced and indirect jobs through the new economic activity that the commercial casino license would generate for the region. MGM Resorts has a strong track record of being an employer of choice by providing career pathways, supporting higher education and prioritizing responsible business practices through programs like GameSense, an industry-leading responsible gaming educational tool.

Other highlights of MGM Yonkers' application include significant investments to support public infrastructure in the City of Yonkers, including improvements to roads, water lines and traffic technology. Energy efficient methods to conserve water and harness solar energy are also an integral part of the proposal, since building and sustaining the communities in which MGM Resorts operates is a core belief of the Company.  

ABOUT EMPIRE CITY CASINO BY MGM RESORTS
Empire City Casino by MGM Resorts is one of the largest entertainment and gaming destinations in the northeast. Featuring nearly 4,700 of the hottest slots, electronic three card poker, blackjack, craps, roulette, baccarat and sic bo table games, Empire City Casino also offers guests year-round harness racing and international simulcasting; live entertainment including the best party, tribute, and Latin bands; New York's hottest DJ's, and more. A selection of dining options will satisfy even the most discerning palate with fan-favorite fare at The Pub, and convenient delicious options at Lil' Cocina and the Big Kitchen International Food Court. Visit Empire City Casino by MGM Resorts located at 810 Yonkers Avenue (off I-87 at Central Avenue) Yonkers, NY, Westchester County, open seven days a week from 10:00 a.m. to 6:00 a.m. Empire City Casino is an indirect wholly owned subsidiary of MGM Resorts International (NYSE: MGM). For more information, visit empirecitycasino.mgmresorts.com or call 914.968.4200. 

ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.

FORWARD-LOOKING STATEMENTS
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends," "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's expectations regarding the amount of the investment in the project, the timing to complete the project elements, the scope of the design and expected amenities and the benefits the project may bring to the City of Yonkers. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and the Company may not be able to realize them. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to the economic and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

MGM RESORTS CONTACT:
Krystal Webb
media@mgmresorts.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/mgm-yonkers-submits-commercial-casino-license-application-in-new-york-302492557.html

SOURCE MGM Resorts International

FAQ

What is the value of MGM's casino license application for Empire City Casino in Yonkers?

MGM's proposal involves a $2.3 billion investment to transform Empire City Casino into a commercial casino and entertainment destination.

How much revenue has Empire City Casino generated for New York State education?

Empire City Casino has generated over $5 billion for New York State education since 2006, including $1.6 billion since MGM Resorts acquired it in 2019.

How will tax revenue be distributed if MGM receives the Yonkers casino license?

20% of generated tax revenue will be distributed with 10% to Yonkers City, 5% to Westchester County, and 5% split between Rockland and Putnam counties.

When will MGM complete the Empire City Casino transformation project?

MGM anticipates completing all project elements by mid-2029 if awarded the commercial casino license.

What new facilities are planned for the MGM Yonkers casino transformation?

The plan includes renovated gaming areas, a BetMGM Sportsbook, a 5,000-capacity entertainment venue, three new full-service restaurants, and a parking garage with solar arrays and EV charging.