MGM YONKERS WITHDRAWS COMMERCIAL CASINO LICENSE APPLICATION IN NEW YORK

Core Points - MGM Resorts has withdrawn its application for a commercial casino license in Yonkers, New York, due to shifting competitive and economic assumptions that have altered return expectations on the proposed $2.3 billion investment [2] - The competitive landscape has changed with four proposals in a small geographic area, challenging the anticipated returns from the project [2] - The company expected to qualify for only a 15-year license instead of the initially anticipated 30-year license, impacting the feasibility of the renovation and expansion of Empire City Casino [2] - MGM Resorts has generated over $5 billion for New York State education, including $1.6 billion since acquiring Empire City Casino in 2019, and remains committed to operating the property in its current format [3]