MGM Resorts International will buy the Empire City Casino and Yonkers Raceway, a move aimed at solidifying the company's gaming presence on the East Coast.
The sale of the Yonkers, New York gaming destination was confirmed this week by MGM CEO Jim Murren. Yesterday, Murren said the company is "excited to announce the addition of Empire City to the MGM Resorts portfolio, in an $850 million agreement with the Yonkers casino."
"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 for MGM Resorts.
The sale comes as MGM Springfield is set to open its $960 million resort casino project on Aug. 24.
In August 2011, executives of the Mohegan Tribal Gaming Authority blamed reduced revenues at Mohegan Sun in part on the Empire City Casino at Yonkers Raceway, according to the Associated Press.