MGM Yonkers withdraws from New York casino race
Briefly

MGM Yonkers withdraws from New York casino race
"The competitive and economic assumptions underpinning our application have shifted."
"The newly defined competitive landscape - with four proposals clustered in a small geographic area - challenges the returns we initially anticipated from this project," MGM said."
"Spano called it a shocking "180-degree reversal" and a "betrayal.""
MGM Yonkers abruptly withdrew its application for a full New York casino license, leaving three entities competing for up to three state licenses. The withdrawal concentrates proposals in Queens and the Bronx and reduces competition in Yonkers. A Bally's-led Bronx partnership could result in a $115 million payment to the Trump Organization if awarded a license. MGM pointed to shifted competitive and economic assumptions, noting that four nearby proposals would challenge projected returns and that its smaller proposal would receive a 15-year license instead of a 30-year license. Yonkers Mayor Michael Spano demanded a state investigation and criticized the reversal.
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