We believe this latest buyout will be a major growth driver for the company. In 2017, Empire City recorded net revenues of nearly $230 million and $70 million in adjusted EBITDA. MGM Resorts said that “With Empire City's approximately 40 percent share of gross gaming revenues in the market, we believe there are significant opportunities for MGM Resorts to further drive growth.” The company expects the deal to be value assertive within the first year of closing. ![]() Over the past two years, MGM Resorts has been constantly increasing its presence on the East Coast. The deal will help the company solidify its position on the East Coast. MGM Resorts subsidiary will control the property. On completion of the deal, MGP will acquire the developed real property related to Empire City from MGM Resorts and will lease it to a subsidiary of the same. Valued at $850 million, the deal is expected to close in first-quarter 2019. ![]() If Empire City gets a license for live table games on or before and MGM Resorts accepts it by Dec 31, 2024, then the latter will pay an additional amount of $50 million to the former. MGM Resorts International ( MGM Quick Quote MGM - Free Report) and MGM Growth Properties LLC have reached an agreement to buy Empire City Casino's race track and casino.
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