MGM has finalized the deal for the Empire City Casino for $850 million. The deal includes a 97 acre land which can be used for the further expanding of the casino with time and requirements.
“We are pleased to welcome the 1,200 employees at Empire City Casino to the MGM Resorts family,” said Jim Murren, chairman and CEO of MGM Resorts, in a news release. “With this new addition to the MGM Resorts portfolio, we have now gained a foothold in the high-density New York City region and we look forward to leveraging the MGM platform to maximize value in this evolving marketplace.”
Before the MGM made it’s move, the Empire City Casino was the property of Rooney Family who have been taking care of it from the 1972 and now it is a part of MGM.
The MGM would be requiring a full gambling license to allow table games if it intends to.
As of the time right now, the state has a moratorium on the development of casino till the year of 2023. MGM Resorts said will pay an additional $50 million to the Rooneys if Empire City gets a license for live table games by the end of 2022 and if MGM Resorts gets the license by the end of 2024.
MGM Resort has almost bought the Hard Rock Rocksino Northfield Park, Ohio for $1 billion.