{"id":2539,"date":"2025-10-14T23:00:10","date_gmt":"2025-10-14T23:00:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/2539\/"},"modified":"2025-10-14T23:00:10","modified_gmt":"2025-10-14T23:00:10","slug":"mgm-surprisingly-drops-bid-to-build-casino-in-ny-leaving-just-3-contenders-for-licenses","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/2539\/","title":{"rendered":"MGM surprisingly drops bid to build casino in NY \u2014 leaving just 3 contenders for licenses"},"content":{"rendered":"

MGM surprisingly dropped its bid to build a casino in Yonkers on Tuesday \u2013 a move that whittles\u00a0the field of new prospective gambling dens<\/a>\u00a0downstate.<\/p>\n

The move by MGM Resorts International \u2013\u00a0first reported by Crain\u2019s<\/a>\u00a0and confirmed by The Post \u2013 to withdraw an application to expand its existing Empire City outpost leaves a trio of contenders for three coveted state gaming licenses.<\/p>\n

\"IllustrationMGM surprisingly dropped its bid to build a casino in Yonkers on Tuesday \u2013 a move that whittles\u00a0the field of new prospective gambling dens\u00a0downstate. AP<\/p>\n

In a letter to the state gaming commission, MGM\u2019s senior vice president Patrick Madamba said it was difficult decision.<\/p>\n

\u201cHowever, since submitting the Application in June, the competitive and economic assumptions underpinning the Application have shifted, altering MGM\u2019s return expectations on the proposed $2.3 billion investment,\u201d the letter states.<\/p>\n

\u201cThe newly defined competitive landscape \u2013 with four proposals clustered in a small geographic area \u2013 challenges the returns MGM initially anticipated from the project.\u201d<\/p>\n

The withdrawal is the latest twist in race to win over the state\u2019s gaming commission, which is set to make the final decision on awarding up to three casino licenses by year\u2019s end.<\/p>\n

Two prominent bids \u2013 a proposal by Caesars\/Jay-Z-Roc Nation and SL Green for a casino in Times Square, and another by Silverstein Properties for a casino near Hudson Yards \u2013\u00a0flamed out amid neighborhood opposition<\/a>.<\/p>\n

Only three proposals now remain, following MGM bowing out.<\/p>\n

\"IllustrationThe bid withdraw leaves a trio of contenders for three coveted state gaming licenses. AP<\/p>\n

Mets\u2019 owner\u00a0Steve Cohen\u2019s bid to open a $8 billion casino complex<\/a>\u00a0next to Citi Field remains active, as do applications for\u00a0Bally\u2019s at a former Trump golf course in The Bronx\u00a0<\/a>and Resorts World at Queens\u2019 Aqueduct race track.<\/p>\n

The state\u2019s gaming commissioners can effectively greenlight up to all three projects, but also opt to grant fewer licenses.<\/p>\n

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MGM had proposed to renovate and expand its existing Empire City Casino with live table games, such as craps, blackjack, poker and baccarat.<\/p>\n

But Madamba noted its plans were based on the assumption it\u2019d get a 30-year license, rather than the 15-year license now on the table.<\/p>\n

Despite dropping the bid, Empire City Casino\u2019s existing slot parlors will remain open, Madamba wrote.<\/p>\n

Yonkers Mayor Mike Spano served up a fiery response to the withdrawal, calling it nothing short of a betrayal to the city and Westchester County. He also insinuated chicanery between Bally\u2019s and President Trump.<\/p>\n

\u201cI am calling on Governor Hochul to launch an independent investigation into this process, because the reasons MGM gives for its 180-degree reversal just don\u2019t add up,\u201d Spano said in a statement.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"MGM surprisingly dropped its bid to build a casino in Yonkers on Tuesday \u2013 a move that whittles\u00a0the…\n","protected":false},"author":2,"featured_media":2540,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[1459,57,3107,9,24,55,54,56,58,3048],"class_list":{"0":"post-2539","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-casinos","9":"tag-metro","10":"tag-mgm","11":"tag-new-york","12":"tag-new-york-city","13":"tag-new-york-city-headlines","14":"tag-new-york-city-news","15":"tag-ny","16":"tag-us-news","17":"tag-yonkers"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/2539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=2539"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/2539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/2540"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=2539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=2539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=2539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}