MGM Yonkers, a subsidiary of MGM Resorts, has withdrawn its application for one of the new commercial casino licences in New York, US.
The company explained in a statement that, since submitting its application in June, the “competitive and economic assumptions” underpinning its application “have shifted,” which has affected its expected returns on its investment.
“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 explained.
“Also, our proposal to renovate and expand Empire City Casino was predicated on the receipt of a 30-year commercial casino license but based on newly issued guidance from the State of New York we now expect to qualify for only a 15-year license.”
The unexpected withdrawal leaves only three proposals on the table: one by Steve Cohen for a casino complex next to Citi Field, one by Bally’s at former Trump golf course in The Bronx and one by Resorts World and Queen’s Aqueduct race track.