The approval of MGM Resorts’ purchase of Yonkers Raceway and Empire City Casino in New York, expected on Thursday this week, has been delayed without a formal explanation after a meeting was cancelled at the last minute by the state’s Gaming Commission.
The only information given out by the Commission was that the meeting had been postponed until further notice and no new date has been issued.
MGM Resorts International and MGM Growth Properties announced last May that MGM Resorts had entered into an agreement to acquire the property from current owners the Rooney family for a consideration of $850m.
“With Empire City’s approximately 40 percent share of gross gaming revenues in the market, we believe there are significant opportunities for MGM Resorts to further drive growth,” said Dan D’Arrigo, Executive Vice President and Chief Financial Officer of MGM Resorts International at the time of the announcement. “We believe the transaction will be value-accretive within its first year of closing, with incremental revenue synergies expected to support growth in 2020 and beyond.”
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 circa 5,300 slots and electronic table games, multiple dining outlets, and both live and simulcast horse racing.