MGM Resorts has positioned MGM Osaka as the biggest integrated resort in the world after Marina Bay Sands, as the group plans to invest $450 million in equity to show its...
Yonkers Mayor Demands Casino Licenses for MGM and Resorts World
Yonkers Mayor Mike Spano urges New York State officials to immediately issue full casino licenses to MGM Empire City in Yonkers and Resorts World at Aqueduct.
Spano’s call to action follows the withdrawal of two high-profile proposals from the bidding race: Related Companies and Wynn announced they would no longer pursue a casino development at Hudson Yards, and Las Vegas Sands previously ended its plans for a Nassau Coliseum project. With those projects now off the table, Spano argued that the state should move ahead with racinos that are already operational and ready to expand.
Mayor Mike Spano shared in a statement:
“We have two racinos whose owners are ready to pay the State a billion dollars in application fees today, and to start generating hundreds of millions of dollars in new taxes tomorrow. We all know that the cutbacks from Washington are going to cause holes in the State and local budgets by the end of the year, so let’s be proactive.”
Under the current state timeline, the three downstate casino licenses are not expected to be awarded until December. Spano criticized this delay, warning it could stall significant revenue generation and job creation.
He added:
“New York should move ahead right away with the two proposals that enjoy community support and are shovel-ready to go. We’ve already lost too much time. Let’s not lose any more.”
According to assessments, upgrading MGM Empire City into a full-scale casino would produce $34 million annually to the City of Yonkers and create over 2,000 new jobs, tripling the current workforce. Over the next 10 years, Yonkers is projected to receive $340 million in gaming tax revenues, with an additional $170 million projected for Westchester County.
Spano emphasized that this was an unmatched opportunity for Yonkers and the surrounding region, urging the state not to lose momentum, as he believed it was a chance for everyone to benefit.
MGM’s Q4 report shows that earnings were mostly driven by the digital and China segments, while Las Vegas and overall U.S. regional businesses were declining.The group...
