{"id":21560,"date":"2019-02-06T19:30:08","date_gmt":"2019-02-06T20:30:08","guid":{"rendered":"https:\/\/www.pokerscout.com\/?p=21560"},"modified":"2019-02-07T14:46:42","modified_gmt":"2019-02-07T14:46:42","slug":"mgm-approved-for-850-million-purchase-of-yonkers-new-york-casino","status":"publish","type":"post","link":"https:\/\/www.pokerscout.com\/mgm-approved-for-850-million-purchase-of-yonkers-new-york-casino\/","title":{"rendered":"MGM Approved For $850 Million Purchase Of Yonkers, New York Casino"},"content":{"rendered":"

MGM Resorts International<\/strong> has closed its deal to purchase<\/a> the Empire City Casino<\/strong> in Yonkers, New York<\/strong>. MGM is paying $850 million<\/strong> for the property, which includes the building itself and nearly 100 acres of land<\/strong>.<\/p>\n

The land represents additional areas that MGM could develop or expand the existing property. Yonkers borders New York City<\/strong> to the north, and the casino is only 15 miles from Times Square<\/strong>.<\/p>\n

The property also includes a harness racing track<\/strong>. MGM received permission to continue offering races, which is a necessity to offer slot machines under New York law.<\/p>\n

\u201cWe are pleased to welcome the 1,200 employees at Empire City Casino to the MGM Resorts family,\u201d said\u00a0MGM Resorts Chairman and CEO Jim Murren, in a press release.\u00a0With this new addition to the MGM Resorts portfolio, we have now gained a foothold in the high-density\u00a0New York City<\/span>\u00a0region and we look forward to leveraging the MGM platform to maximize value in this evolving marketplace.\u201d<\/p><\/blockquote>\n

With New York casino, MGM establishing a grip on northeast<\/span><\/h2>\n

MGM now owns four properties in the crowded northeastern section of the country.<\/p>\n

Last year, the casino giant completed construction and debuted the $960 million<\/strong> MGM Springfield<\/strong> in Massachusetts<\/strong>. MGM opened MGM National Harbor<\/strong> in the Baltimore, Maryland<\/strong> area in 2016. That same year, the company also bought out partner Boyd Gaming<\/strong> to assume complete control of Atlantic City<\/strong>\u2018s Borgata<\/strong>.<\/p>\n

Company management clearly intends the Yonkers property to strengthen awareness and marketing for the other properties. In an email to Mass Live<\/strong><\/em><\/a>, MGM Springfield President and CEO Michael Mathis<\/strong> said:<\/p>\n

\u201cThe Empire City Casino acquisition in Yonkers is designed to tap into the underserved NY market, which will complement the MGM Springfield market. MGM\u2019s unmatched East Coast presence in major markets allows for significant cross marketing and customer loyalty programming that offer us a clear competitive edge.\u201d<\/p><\/blockquote>\n

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        Pennsylvania is a notable exception to MGM\u2019s reach<\/span><\/h2>\n

        These four properties certainly establish the casino giant\u2019s presence in New England<\/strong>. However, MGM has, so far, failed to acquire a foothold in Pennsylvania<\/strong>.<\/p>\n

        Pennsylvania remains a high-value target to the company for two reasons. For one thing, Pennsylvania is the fifth-most populous state in the country, second only to New York in the region.<\/p>\n

        Secondly, and more importantly, Pennsylvania is now a sports betting state. In fact, the Keystone State is the most populous state out of the eight to offer wagering on sporting events.<\/p>\n

        Pennsylvania is also fast approaching the debut of online sports betting and gambling in the state. The potential for engaging the entire adult portion of the state is too great to ignore.<\/p>\n

        MGM does not have a property in Pennsylvania. As such, it is on the outside looking in for licensure by the Pennsylvania Gaming Control Board<\/strong> (PGCB).<\/p>\n

        However, the company, for its part, has gained PGCB approval as a qualified gaming entity. This certification allows the company to apply for an online gaming license<\/strong>. However, the company must still present its case to the board for approval to debut a site.<\/p>\n

        Unfortunately, the PGCB has not allowed outside entities to go after sports betting licenses. So, unless MGM can reach a similar deal to the Yonkers acquisition with one of PA\u2019s 12 casinos, the company won\u2019t be able to tap that burgeoning market.<\/p>\n

        However, given the rapid rate of partnerships and purchases that have taken place since the Supreme Court\u2019s dismissal of PASPA<\/strong>, anything is possible. Don\u2019t count MGM out just yet.<\/p>\n

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        The post MGM Approved For $850 Million Purchase Of Yonkers, New York Casino appeared first on Play USA.<\/p>\n","protected":false},"excerpt":{"rendered":"

        MGM Resorts International has closed its deal to purchase the Empire City Casino in Yonkers, […]<\/p>\n","protected":false},"author":1,"featured_media":21563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"link","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","vebbtech_seo_disable_yoast":false,"vebbtech_seo_hide_author":false,"vebbtech_seo_hide_date":false,"vebbtech_seo_hide_factchecker":false,"vebbtech_seo_fact_check_enabled":false,"vebbtech_seo_post_reviewer":0,"vebbtech_seo_post_review_date":"","footnotes":""},"categories":[374,6],"tags":[],"class_list":{"0":"post-21560","1":"post","2":"type-post","3":"status-publish","4":"format-link","5":"has-post-thumbnail","7":"category-industry","8":"category-news-category","9":"post_format-post-format-link"},"acf":[],"yoast_head":"\nMGM Approved For $850 Million Purchase Of Yonkers, New York Casino -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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