by Lisa A. Grimaldi | May 30, 2018
MGM Resorts International and MGM Growth Properties have entered into an agreement to acquire New York State's Empire City Casino, which includes the Yonkers Raceway horse-racing track for $850 million. Empire City sits on a 97-acre property in Westchester County, just north of New York City. Offering a mix of entertainment, the complex has more than 5,200 slots and electronic table games, multiple dining outlets, and both live and simulcast horse racing. Empire City also offers eight event venues. Currently, there are no hotel accommodations on-site.
"We are excited to announce the addition of Empire City to the MGM Resorts portfolio," said Jim Murren, chairman and CEO of MGM Resorts International, in a statement about the purchase. "This acquisition represents an excellent opportunity to further solidify our presence on the East Coast, and in particular, expand our reach into the high-density New York City region. We believe this transaction enhances our free cash-flow profile and presents attractive future opportunities for the company, and we look forward to welcoming the Empire City team and guests to the MGM Resorts family."
"Today's announcement further illustrates our ability to partner with MGM Resorts to acquire valuable real-estate assets to add to our portfolio of properties through accretive transactions," said James Stewart, CEO of MGM Growth Properties. "This acquisition will further increase our regional geographic footprint, giving MGP exposure to the New York City market, with another high-quality asset that will create meaningful value to shareholders and provide us with increased cash flows and growth opportunities."