MGM Resorts International and MGM Growth Properties has entered into an agreement to acquire the real property and operations associated with the Empire City Casino’s race track and casino in Yonkers, N.Y., for consideration of $850 million.
Further, MGM Resorts and MGP have entered into a definitive agreement whereby MGP will acquire the developed real property associated with Empire City from MGM Resorts and lease it back to a subsidiary of MGM Resorts, after which a subsidiary of MGM Resorts will operate the property.
Empire City sits on a 97-acre property and serves approximately 16 million eligible gaming customers in southern New York. It is located only 15 miles from Times Square in Manhattan. Offering gaming, racing, dining and entertainment, Empire City features more than 5,200 of the latest slots and electronic table games, multiple dining outlets, and both live and simulcast horse racing.
The transactions are expected to close in the first quarter 2019.
