MGM Resorts' Empire City has generated $5B for New York

Posted: January 7, 2025, 10:18 am.

Last updated: 7 January 2025, 10:25 am.

MGM Resorts International acquired Empire City Casino and Yonkers Raceway in 2019 for $850 million. Since then, the gaming giant has generated more than $5 billion for New York state.

Empire City Casino is a racino that offers slot-like video lottery terminals (VLTs). The centralized VLT system is maintained by the New York Gaming Commission.

Since taking control of the Westchester County property, MGM states casino.org Its gaming operations have brought in more than $5 billion for K-12 public education this week.

A statement from MGM Resorts said, “The $5 billion in education funding represents approximately 30% of the total funds generated for education by all VLT casinos statewide, reinforcing the Empire City's vital role in New York's economic well-being. Does.” “On average, Empire City contributes more than $25 million per month to education. In addition to supporting education, Empire City also generates millions of dollars annually to support both harness racing and state and local governments.

As of December, there were 4,448 VLT positions at Empire City Casino. The average daily winnings for each machine were $356.

big focus

MGM Resorts purchased Empire City not only for its prime VLT position, but also in preparation to improve the company's chances of securing one of the state's three downstate casino licenses. The New York Gaming Facility Location Board is expected to decide which of three bids will win casino concessions for slots, live dealer table games and in-person sports betting next year.

Due to MGM's longtime presence in New York, most gaming analysts believe the company is the frontrunner for a license, although nothing is set in stone. Should MGM win one of the coveted full-scale casino permits, which have a one-time price tag of $500 million, the company says it will transform Yonkers Raceway into MGM Empire City.

Empire City is preparing to secure a commercial casino license that will allow it to replace computerized electronic table games with live dealers, offer retail sports betting, Class III Vegas-style slot machines and expanded amenities. “MGM Resorts recently unveiled its vision to transform Empire City into a world-class entertainment destination, should MGM Empire City be awarded a commercial casino license,” the release said.

Since acquiring the Empire, MGM has invested in significant upgrades to the property, including improvements to the 125-year-old historic racecourse. A new VIP gaming room, an employee dining area and new LED lighting have also been installed.

job, tax generator

With a full-scale casino license, MGM Resorts says Empire City will undergo a complete casino floor redevelopment and a 5,000-seat entertainment venue will be built. Multiple food and beverage outlets and a late-night lounge from celebrity chefs are also included in the pitch. No on-site hotel has been discussed.

MGM says the transformation of Empire City will create 2,500 direct jobs and generate more than $1 billion in annual economic impact for the region. The project will also support more than 10 thousand indirect and induced jobs.