LAS VEGAS (FOX5) — MGM Resorts has withdrawn its commercial casino license in Yonkers, New York, citing licensing complications and an increasingly competitive landscape.
According to the release from the Las Vegas-headquartered company, it withdrew its commercial casino license to the New York Gaming Commission.
“Today, MGM Resorts made the difficult decision to withdraw its application for a commercial casino license in Yonkers, New York,” said a statement from MGM Resorts. “Since submitting our application in June, the competitive and economic assumptions underpinning our application have shifted, altering our return expectations on the proposed $2.3 billion investment.”
In June, the company announced its casino license application and plans to renovate and expand the Empire City Casino in New York, adding a high-limit lounge and BetMGM sportsbook. Additionally, the company planned a 5,000-person capacity entertainment venue, meeting spaces, and full-service restaurants.
The release stated that MGM’s plans centered around a 30-year commercial casino license to renovate and expand the city’s Empire City Casino. The company expects to qualify for only a 15-year license. Additionally, the release said, the challenge of four proposals within a small area altered the company’s anticipated returns.
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