MGM surprises with New York casino race exit, leaving three finalists
Summary
On 14 October 2025 MGM Resorts abruptly withdrew its application for a downstate New York commercial casino licence, abandoning a $2.3bn plan to expand Empire City in Yonkers. The company said a clustered competitive landscape and new state guidance — which it expects will limit licences to 15 years rather than 30 — made the project no longer align with its capital stewardship and that of its real‑estate partner, VICI.
MGM had advanced through local approval rounds and aimed for a June 2027 opening, but pulled its revised submission the day it was due at the Gaming Facility Location Board (GFLB). The exit follows earlier voluntary departures from Las Vegas Sands and Wynn Resorts and leaves three finalists competing for three licences. The GFLB will review revised applications through 1 December 2025.
Key Points
- MGM withdrew its downstate New York commercial licence application on 14 October 2025, citing weaker returns and increased local competition.
- The company expects to qualify for a 15‑year licence under newly issued state guidance, not the 30 years its proposal assumed.
- MGM’s $2.3bn construction estimate was the lowest of the four finalists (others range from $4bn to $8bn).
- MGM is the third major operator to exit the race in 2025, after Las Vegas Sands and Wynn Resorts.
- The withdrawal leaves three applicants fighting for three licences; the GFLB review period ends 1 December 2025.
- The future of Empire City is uncertain without a commercial licence; the site has generated roughly $5bn in state taxes since 2006.
Why should I read this?
Quick and blunt: this is a shake‑up. MGM walking away signals the economics and licence terms have shifted hard enough to spook major operators — that reshuffles who can realistically build, when projects will reach market, and how attractive downstate New York is for big casino capital. If you track casino development, regional investment or competitive dynamics, this save‑you‑time roundup nails the essentials.
Source
Source: https://igamingbusiness.com/casino/mgm-drops-out-new-york-casino-license/
