MGM Resorts and MGM Growth Properties purchase the racecourse and casino Empire City Casino

MGM Resorts and MGM Growth Properties announced their readiness to purchase the Empire City Casino racecourse and casino for $ 850 million after entering the New York market.

MGM Resorts and MGM Growth Properties purchase the racecourse and casino Empire City Casino
MGM Growth Properties plans to acquire real estate from MGM and lease it. The resort will operate MGM Resorts.

“We are pleased to announce the merger of Empire City with MGM Resorts,” said Jim Murren, Chairman and CEO of MGM Resorts International. “This acquisition represents an excellent opportunity to further strengthen our position on the East Coast, in particular, to expand the coverage of the audience in New York. We believe that this deal provides an attractive outlook for the company, and we look forward to welcoming the Empire City team to the MGM Resorts family. ”

MGM Resorts also agreed to pay an additional fee of $ 50 million if Empire City will receive a license for desktop live games on December 31, 2022 or before that date, and MGM Resorts will issue such a license until December 31, 2024.

Let’s remind: according to the data published on Monday by the Agency on lotteries and gambling of Maryland, six casinos of the state made a profit of $ 143.5 million for April, which is 5.7% more than for the same period of the previous year. The first place in the revenue table was taken by the MGM Resorts National Harbor.