MGM Yonkers, a subsidiary of MGM Resorts International, has submitted its commercial casino license application to the New York Gaming Commission and the Gaming Facility Location Board.
The $2.3 billion proposal would transform the Empire City Casino site into a commercial casino and entertainment destination, including a full renovation and expansion of the casino’s existing gaming areas, an expansive high-limit lounge, and the addition of a state-of-the-art BetMGM Sportsbook.
The plan also envisions the addition of a 5,000 person maximum capacity entertainment venue, and accompanying meeting space to accommodate special events, local graduations and other community needs.
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,” said Bill Hornbuckle, president and CEO of MGM Resorts. “Achieving a full casino license will ensure this site will continue to be a cultural and economic force for generations to come.”
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 the project as part of the revenue share formula.
If a license is awarded to Empire City, 20 per cent of the generated tax revenue will be distributed, with 10 per cent directed to the City of Yonkers, 5 per cent to Westchester County and 5 per cent divided between Rockland and Putnam counties.
The proposal estimates the project will ultimately create thousands of direct, induced and indirect jobs.
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.
The deadline for applications for the three commercial casino licences in downstate New York ends later today (27 June), with eight potential bidders still in the running.
Community Advisory Committees (CACs) will then form immediately afterwards, and commence their statutory work.
Applicants must complete all entitlement processes (land-use/zoning, State Environmental Quality Review Act, etc.) before 30 September, and CACs must vote on their respective project by the same date.
Applicants approved by their CAC will then submit supplemental application material, including a proposed tax rate, to the Gaming Facility Location Board for evaluation and consideration.
The Board expects to make decisions by 1 December, followed by Commission licensure by 31 December.
Shares in MGM Resorts International (NYSE:MGM) closed at $33.79 per share in New York Thursday.