News Summary
MGM Yonkers Inc. has officially withdrawn its application for a commercial casino license due to shifting economic assumptions and increased competition. Originally aiming for a 30-year license, new state guidance now suggests a 15-year option, prompting a reassessment of their $2.3 billion investment in Yonkers. Mayor Mike Spano has expressed strong disappointment, suggesting potential political influences that may benefit competing proposals. The remaining bidders now face heightened scrutiny as the Gaming Facility Location Board prepares to review submissions for available licenses.
New York – MGM Yonkers Inc., a subsidiary of MGM Resorts International, has officially withdrawn its application for a commercial casino license from the New York Gaming Commission and the Gaming Facility Location Board. The decision, made public on October 14, 2025, was attributed to shifting competitive and economic assumptions that have significantly impacted the expected return on the company’s proposed $2.3 billion investment.
The casino giant initially anticipated qualifying for a 30-year commercial casino license; however, recent state guidance suggests that MGM can only expect a 15-year license. This alteration in licensing duration, combined with increasing competition in the area—with four proposals now vying for the same market—has led MGM to reassess the viability of their Yonkers project.
MGM expressed disappointment over the decision, reinforcing their commitment to sound financial practices and the interests of their real estate partner in Yonkers, VICI. Since acquiring the Empire City Casino in 2019, MGM has been a crucial player in the local gaming landscape, generating over $5 billion for New York State education, including $1.6 billion during the company’s ownership.
Yonkers Mayor Mike Spano reacted strongly to MGM’s withdrawal, labeling it a “betrayal” and calling for an investigation into the decision-making process. He speculated that Bally’s proposal for a casino at the former Trump Links in Whitestone could gain an advantage from MGM’s exit. Other competing proposals still under consideration include projects from Hard Rock Metropolitan Park, Resorts World in Queens, and Bally’s in the Bronx.
MGM’s proposal had gained community support, being the first to receive unanimous approval from the Community Advisory Committee. The withdrawal places additional pressure on the remaining applicants as the Gaming Facility Location Board examines the current economic climate to determine how many of the three available downstate casino licenses will be granted.
The competition has reduced considerably from an initial pool of approximately a dozen applicants to just four viable proposals. The Yonkers Mayor and Westchester County Executive have both voiced concerns regarding the reasons provided by MGM for their withdrawal, hinting at potential political influences or advantages that might be afforded to competitor Bally’s.
Final tax proposal submissions from the remaining bidders coincided with MGM’s announcement, further concentrating the focus on the impending evaluation by the Gaming Facility Location Board. Officials expect a decision to be delivered by the end of the year, potentially shaping the future of the gaming landscape in Yonkers and beyond.
This recent development underscores the volatile nature of the gaming industry in New York, where economic conditions and legislative guidance can swiftly alter the competitive landscape, impacting not only corporate strategies but also local economies and community initiatives.
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