"MGM unexpectedly withdrew its casino bid on Tuesday, whittling down the competition for the three coveted licenses in downstate New York to just, well, three. The company, which owns the Empire City Casino and Yonkers Raceway, claimed that the abrupt about-face was a financial calculation: The apparent return on building a full-blown casino at a cost of $2.3 billion didn't look as good as it did when the company submitted its proposal in June. "The competitive and economic assumptions underpinning our application have shifted," MGM said in a statement."
"So, who's still at the table? Mets owner and hedge-fund titan Steven Cohen, of course, with his $8 billion Metropolitan Park that would install a Hard Rock casino next door to Citi Field in Queens. There's Genting's Resorts World, which is looking to add live table games to its existing gambling operation in Queens, to the tune of $5.5 billion. And Bally's is looking to spend $4 billion on building a gambling facility on top of the former Trump Golf Links in the Bronx - which would mean a $115 million payout to the president."
"This caught the attention of Yonkers's mayor, Mike Spano, who had supported MGM's bid for a full-license casino and called for Governor Kathy Hochul to investigate the company's change of heart. "The reasons MGM gives for its 180-degree reversal just don't add up," Spano said, suggesting that perhaps the Las Vegas-based company was trying to sweeten up to Donald Trump by clearing the way for Bally's to win a license. "The people of Yonkers deserve to know if this process was tainted or manipulated in any way," he said."
MGM withdrew its $2.3 billion bid for a downstate New York full-license casino, citing shifted competitive and economic assumptions that reduced the expected return. The withdrawal leaves three bidders: Steven Cohen's $8 billion Metropolitan Park proposing a Hard Rock casino near Citi Field; Genting's $5.5 billion Resorts World expansion to add live table games in Queens; and Bally's $4 billion plan to build over the former Trump Golf Links in the Bronx, which would trigger a $115 million payout to the president. Yonkers mayor Mike Spano, who supported MGM, called for an investigation and suggested possible manipulation. MGM had been viewed as a frontrunner because it already operates Empire City Casino and Yonkers Raceway, but its smaller investment and lack of a hotel distinguished its proposal.
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