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International operator casino MGM Resorts International announced the purchase of the Empire City casino in the city of Yonkers, New York, for a total consideration of $850 million.
MGM Resorts and its company MGM Growth Properties have entered into an agreement in which the latter will acquire Empire City Casino from MGM Resorts, and then it will lease it to a subsidiary of MGM Resorts, which will manage the gambling establishment.
This agreement includes refinancing of Empire City’s outstanding debts of $245 million, while MGM Resorts will invest $260 million from the remaining expenses through the issuance of new shares in MGM Resorts. The buyers will pay another $50 million if the property receives a table games license before the end of 2022. Most of the money will be fronted by MGM Growth Properties, a real estate subsidiary that leases casino space to its parent company.
