MGM Set To Open Huge Casino in Hudson Valley

MGM has been approved to open an $850 million casino in the Hudson Valley.

The sale of Empire City Casino and Yonkers Raceway to MGM was approved Monday by the New York State Gaming Commission.

In May, MGM announced their plans to purchase Empire City Casino and Yonkers Raceway for $850 million.

"We are excited to announce the addition of Empire City to the MGM Resorts portfolio," Chairman and CEO of MGM Resorts International Jim Murren said in a press release. "This acquisition represents an excellent opportunity to further solidify our presence on the East Coast, and in particular, expand our reach into the high-density New York City region. We believe this transaction enhances our free cash flow profile and presents attractive future opportunities for the Company, and we look forward to welcoming the Empire City team and guests to the MGM Resorts family."

The casino which features over 5,000 slot machines and a racing track has been owned by the Rooney family for 46 years.

There are rumors New York will license more Vegas-style table gaming in the next few years, a major purchasing point for MGM, according to CBS.

“MGM would like to see a license granted to them, and they would have a lucrative facility at Yonkers, just over the city line,” gaming expert John Sabini of Sabini, Crowley & Associates, LLC told CBS.

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