LAS VEGAS (KSNV) — MGM Resorts will no longer pursue a new casino in the state of New York.
The Las Vegas-based company announced Tuesday that its MGM Yonkers subsidiary withdrew an application for a casino license to the New York Gaming Commission.
The state of New York is considering proposals for multiple casino resorts in the New York City area. MGM wanted to renovate and expand Empire City Casino in Yonkers, but said the market has changed since it submitted its application in June.
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“The newly defined competitive landscape – with four proposals clustered in a small geographic area – challenges the returns we initially anticipated from this project,” the company said in a statement.
MGM also said new guidance suggests it would only receive a 15-year casino license, not the 30-year license upon which it based its planning.
“Taken together, these events result in a proposition that no longer aligns with our commitment to capital stewardship, nor to that of our real estate partner in Yonkers, VICI,” the company explained.
Despite the withdrawal, MGM says Empire City Casino will continue to operate as normal.
Now, only three applicants remain: Bally’s, Hard Rock and Resorts World. Hard Rock and Resorts World want to build in Queens, while Bally’s is eyeing a development in the Bronx.