Hornbuckle claimed the fee is the 'highest of the industry by five times.' Hornbuckle didn't offer more specifics as to just how many billions of dollars would go into the upgrade in Yonkers, which is a roughly 15-mile drive from Times Square in Manhattan.Įach of the winning bids is likely to see billions of dollars in development to justify the hefty license fee - expected to run at least $500 million just to operate a casino in the region. 'We had hoped to invest up to a couple of billion in the first round to put us into the table games business, to expand some of the amenities and put in a much-needed parking garage there, to put an entertainment facility there and potentially some other things,' MGM Resorts CEO and President William Hornbuckle said on an investor call this week.

Should it earn one of the licenses, the company would significantly expand the facility by adding billions of dollars' worth of upgrades, including table games, slot machines and amenities found at its various resorts around the world. MGM already has a foothold in the region with the Empire City 'racino,' a horse racetrack that has expanded to include various electronic lottery games. Other companies in the running include major brands like Wynn Resorts and Las Vegas Sands.įor more TPG news delivered each morning to your inbox, sign up for our daily newsletter. The state of New York plans to issue three commercial gaming licenses that would allow a casino resort to operate in or around New York City, and MGM Resorts International is one of several companies vying for a permit. Las Vegas might be the casino capital of the U.S., but now the Big Apple - or rather the area right above its northernmost borough - is attracting the largest operator of Sin City megaresorts.

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