Mgm ny empire city casino12/8/2023 ![]() ![]() Howie Long-Short: CEO Jim Murran can talk all he wants about how this deal enhances the company’s “free cash flow profile”, but MGM did this deal as a means of entering the New York market they were shut out when the state issued four new gaming licenses about five years ago. The transaction is expected to close in Q1 2019 pending regulatory approval. ![]() Located just 15 miles from Times Square, Empire City controls roughly 40% of gross gaming revenue in the NYC market and is considered one of just two profitable casinos in the area (Resorts World being the other). Should the state award Empire City a license for live table games by 2023, MGM will pay an additional $50 million for the racino and racetrack. MGM Resorts International agreed to purchase Empire City Casino and Yonkers Raceway for $850 million, including roughly $245 million in debt that it intends to refinance.
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