Yonkers windfall: Empire City Casino sale means up to $8M to city

Yonkers Mayor Mike Spano announced Thursday afternoon that MGM Resorts International”™s acquisition of Empire City Casino and Yonkers Raceway will give the city between $7 million and $8 million via a transfer tax payment.

The exact amount of the transfer tax will be determined by the final valuation of the property.

 “MGM clearly feels they are investing not only in a casino but in the city,” Spano said in a statement. “That speaks volumes about their commitment to Yonkers. Our message to MGM has been that there is great enthusiasm for this acquisition because it brings one of the world”™s biggest names in hospitality and entertainment to Yonkers, with all the opportunities for investment, jobs and growth that go along with it.”

MGM Resorts bought the casino and raceway in May for $850 million. Additionally, MGM Resorts said it agreed to pay an additional $50 million if Empire City is awarded a license for live table games prior to Dec. 31, 2022.

Then-Assemblyman Spano sponsored the original legislation that allowed video lottery gaming at Yonkers Raceway. The mayor said he would support efforts to secure a full casino license that would allow table games with live dealers. 

“Full gaming would provide a major boost to the city”™s tax base and would result in thousands of new permanent jobs that pay well,” Spano said.

MGM is expected to close on the deal in the first quarter of 2019.

The Rooney family has owned the 97-acre facility for about 47 years. Tim Rooney Sr. is president and CEO of Empire City.