Earlier this week, MGM Resorts received the green light to purchase the Hudson Valley Casino and Raceway. The New York Gaming Commission officially approved the licenses, and the terms of the deal were set to move forward.The deal was finalized on Wednesday, and MGM Resorts in New York is now a reality.
This deal could be massive for New York’s gaming market. After years of their casino revenue projections falling short, the state has a serious chance to turn things around.
How Did This Deal Come Through?
It was first announced that MGM was in talks to purchase Empire Casino and Yonkers Raceway back in May of 2018. That was confirmed by the Empire Casino owners. MGM Resorts in New York seemed inevitable after the state’s Gaming Commission legalized private casinos back in 2013.
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The terms were agreed to immediately after New York’s Gaming Commission granted MGM the gaming and horse racing licenses necessary to operate in the state.
MGM Resorts has been investing heavily in their East-Coast operations for years. Back in August, they opened the doors to a new casino resort in Springfield, Massachusetts worth $960 million. According to MGM Springfield CEO Michael Mathis, the new casino in New York will help to promote the Springfield casino while bringing in thousands of jobs to New Yorkers.
“The Empire City Casino acquisition in Yonkers is designed to tap into the underserved NY market, which will complement the MGM Springfield market.”
What Does MGM Resorts in New York Mean for the Industry?
State officials in New York are probably high-fiving. In 2013, the legislature passed to allow Vegas-style casinos in the state. Since that time, the four casinos spread around the state have failed to meet their revenue projections.
In an attempt to turn things around, the state recently legalized sports betting inside New York casinos.
It looked like the state’s casino industry might be in trouble. With MGM resorts in New York, that trend might change.
The location of this new casinos is huge for the industry. The four private casinos currently operating inside the state are all located in Upstate New York. Empire City Casino is located just 15 miles north of Manhattan, and will likely attract millions of bettors from New York City.
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“With this new addition to the MGM Resorts portfolio, we have now gained a foothold in the high-density New York City region and we look forward to leveraging the MGM platform to maximize value in this evolving marketplace,” said Chairman and CEO of MGM resorts Jim Murren.
Will This Have Any Effect on Internet Gambling in New York?
Despite the massive revenue it could likely generate, online gambling has remained unregulated in New York. Governor Anthony Cuomo has stated that he believes it would take a constitutional amendment for internet gambling to become legal. The recent DOJ ruling on the Wire Act certainly didn’t help, either.
At least for now, it doesn’t look like New York plans to regulate the online gambling industry anytime soon.
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Fortunately, there are a number of fantastic online gambling sites in the US that New Yorkers can still access. The majority of these sites offer odds on everything from sports to online casino games.
With MGM Resorts in New York, the state’s gambling revenue is likely to increase. The money the state earns may eventually push them to regulate online gambling. Stay tuned for updates on the entire situation, and let us know what you think of MGM’s push into New York in the comment section below!