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MGM purchases Yonkers Raceway and casino for $850M

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The Empire city casino at Yonkers Raceway has 5,222 slot machines, which last year grossed $10 billion in tackle.

MGM inns, the on line casino business, has reached a deal to buy Yonkers Raceway and its attached casino for $850 million, the two agencies announced on Monday.

The deal is MGM’s first foray into new york, a market it’s expected to accept as true with the legalization of sports wagering in the next several years. The on line casino at Yonkers, called Empire situs judi online metropolis, has 5.”222 slot machines and is the closest competitors to the highest-grossing casino on the East Coast, motels World at Aqueduct racetrack.

Yonkers has been owned via the Rooney family for 46 years. In November, the family introduced that it had hired funding advisors at J.P. Morgan Chase to help in arranging a sale of the tune and casino.

“we now have been a companion of new york state and its communities for 46 years, and it was important to us that we determine an entity that may build on the effective basis we now have centered and produce our imaginative and prescient to fruition,” said Tim Rooney, the manager government of Empire city, in an announcement. “we are assured we now have discovered that in MGM lodges, one of the vital premier gaming entities on this planet.”

For the last 365 days, handle on Empire metropolis’s slot machines has been virtually $10 billion, in accordance with figures from the new york Gaming fee. web retract from the tackle become $598.5 million, based on the commission, with essentially half of that amount going to the state’s training fund.

beneath recent legislations, ny will inaugurate to believe offering full on line casino licenses to its present racinos as early as 2021. That could allow Empire metropolis to additionally present table video games such as blackjack and craps.

Yonkers Raceway opened in 1899, and the tune turned into one of the vital popular harness racing spots within the U.S. throughout that game’s heyday. however, handle on harness races dropped off significantly within the Eighties and Nineteen Nineties, and the game’s existence is carefully tied now to the awarding of on line casino licenses to harness tune operators.

together with its landmark Las Vegas property, MGM owns the Borgata in Atlantic city, and it plans to commence a $1 billion on line casino in Springfield, Mass., this summer time.

“This acquisition represents a brilliant opportunity to extra solidify our presence on the East Coast, and in particular, extend our attain into the excessive-density ny location,” talked about Jim Murren, the executive executive of MGM inns, in a press release.

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