One by one, the Strip’s largest casino operators have departed New York City’s lengthy casino-resort approval process after spending millions to woo Big Apple residents and decision-makers.
The most stunning exit came Oct. 14, when MGM Resorts International — considered a lock by gaming experts for one of the three potential licenses — announced it was withdrawing its application for a $2.3 billion casino resort in Yonkers, 30 minutes north of New York City, citing dramatic changes in the economic and competitive conditions governing the application.
In a statement, the company said its move was forced by a reduction of the gaming license length from 30 years to 15 years, the lack of distance between competing properties and tax structure uncertainties.
“[MGM’s] decision to withdraw is the result of a frustrating project timeline, including multiple lengthy delays,” Truist Securities gaming analyst Barry Jonas told investors in a research note published shortly after MGM’s announcement.
