MGM YONKERS SUBMITS COMMERCIAL CASINO LICENSE APPLICATION IN NEW YORK
YONKERS, N.Y., June 26, 2025 /CNW/ -- MGM Yonkers Inc., a subsidiary of MGM Resorts International (NYSE: MGM), today submitted its commercial casino license application to the New York Gaming Commission and the Gaming Facility Location Board, with a $2.3 billion proposal to transform its historic Empire City Casino site into a commercial casino and entertainment destination. The development plans have been thoughtfully curated to achieve the maximum benefits for the State of New York, City of Yonkers and surrounding counties, while also meeting the needs of the local community.
MGM Yonkers' plans include the full renovation and expansion of Empire City Casino's existing gaming areas, an expansive high-limit lounge and the addition of a state-of-the-art BetMGM Sportsbook offering retail sports betting. The plan also envisions the addition of a 5,000 person maximum capacity entertainment venue and accompanying meeting space which will welcome a variety of A-list and local performances with the design flexibility to accommodate special events, local graduations and other community needs.
Additionally, three new full-service restaurants and the renovation of existing food and beverage venues will provide high-concept dining options for guests. A parking garage with solar energy arrays and electric vehicle parking spaces are among features that demonstrate MGM Resorts' strong commitment to sustainability. If MGM Yonkers is awarded a commercial casino license, it anticipates completing all project elements by mid-2029.
"Empire City Casino and Yonkers Raceway have anchored the entertainment and tourism culture in downstate New York for more than a century. Achieving a full casino license will ensure this site will continue to be a cultural and economic force for generations to come," said Bill Hornbuckle, President and CEO of MGM Resorts International.
Empire City's role in the community and local economy
Since opening in October 2006, Empire City Casino has generated more than $5 billion for New York State education, including $1.6 billion since MGM Resorts assumed ownership in 2019.
MGM Yonkers' casino application details the significant financial benefit the City of Yonkers, New York's third-largest city, and the surrounding counties would receive from this project as part of the revenue share formula. If a license is awarded to Empire City, 20% of the generated tax revenue will be distributed with 10% directed to the City of Yonkers, 5% to Westchester County and 5% divided between Rockland and Putnam counties.
The proposal estimates the project will ultimately create thousands of direct, induced and indirect jobs through the new economic activity that the commercial casino license would generate for the region. MGM Resorts has a strong track record of being an employer of choice by providing career pathways, supporting higher education and prioritizing responsible business practices through programs like GameSense, an industry-leading responsible gaming educational tool.
Other highlights of MGM Yonkers' application include significant investments to support public infrastructure in the City of Yonkers, including improvements to roads, water lines and traffic technology. Energy efficient methods to conserve water and harness solar energy are also an integral part of the proposal, since building and sustaining the communities in which MGM Resorts operates is a core belief of the Company.
ABOUT EMPIRE CITY CASINO BY MGM RESORTS
Empire City Casino by MGM Resorts is one of the largest entertainment and gaming destinations in the northeast. Featuring nearly 4,700 of the hottest slots, electronic three card poker, blackjack, craps, roulette, baccarat and sic bo table games, Empire City Casino also offers guests year-round harness racing and international simulcasting; live entertainment including the best party, tribute, and Latin bands; New York's hottest DJ's, and more. A selection of dining options will satisfy even the most discerning palate with fan-favorite fare at The Pub, and convenient delicious options at Lil' Cocina and the Big Kitchen International Food Court. Visit Empire City Casino by MGM Resorts located at 810 Yonkers Avenue (off I-87 at Central Avenue) Yonkers, NY, Westchester County, open seven days a week from 10:00 a.m. to 6:00 a.m. Empire City Casino is an indirect wholly owned subsidiary of MGM Resorts International (NYSE: MGM). For more information, visit empirecitycasino.mgmresorts.com or call 914.968.4200.
ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends," "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's expectations regarding the amount of the investment in the project, the timing to complete the project elements, the scope of the design and expected amenities and the benefits the project may bring to the City of Yonkers. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and the Company may not be able to realize them. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to the economic and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
an hour ago
- Globe and Mail
Why Did Energy Fuels Stock Get Clobbered Today?
Key Points Energy Fuels stock tumbled today on no obvious bad news -- either for it or for uranium stocks in general. Energy Fuels stock is not currently profitable, but it might turn profitable next year. Other atomic stocks with worse prospects for profits are performing better today. 10 stocks we like better than Energy Fuels › Energy Fuels (NYSEMKT: UUUU) stock collapsed Tuesday, falling 17.4% through 11:45 a.m. ET on no obvious bad news. To the contrary, the latest news for uranium stocks in general (and presumably for Energy Fuels in particular) looks rather good. According to the energy experts at "Uranium prices and nuclear equities are surging as tight supply, underbuilt production pipelines, and policy-driven nuclear revival create a structural supply deficit." Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » So what's ailing Energy Fuels stock today? Uranium prices still strong The most obvious likely culprit for a decline in stock price at a company that mines uranium would be a decline in the price of uranium. But in fact, according to data from TradingEconomics, uranium prices are doing just fine. True, after approaching a recent high near $80 per pound back in June, uranium prices "corrected" sharply lower in early July. But the price of uranium has slowly been moving back up ever since and recently passed $73 a pound. Regardless, shares of not just Energy Fuels but also of rivals Cameco (NYSE: CCJ) and Denison Mines (NYSEMKT: DNN) are down today -- though the others aren't down as much as Energy Fuels stock is. Is Energy Fuels stock a buy? Also noteworthy is that Denison in particular received price target hikes from multiple investment banks yesterday. This is curious because, while both Denison and Energy Fuels stocks are currently unprofitable, analysts polled by S&P Global Market Intelligence think Energy Fuels stock will turn profitable next year, but Denison isn't expected to earn a profit again until 2029. Call me a traditionalist for preferring profitable stocks over unprofitable stocks, but that kind of makes me think today's unexplained sell-off could make this a good time to buy some Energy Fuels stock. Should you invest $1,000 in Energy Fuels right now? Before you buy stock in Energy Fuels, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Energy Fuels wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $671,466!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,115,633!* Now, it's worth noting Stock Advisor's total average return is 1,076% — a market-crushing outperformance compared to 184% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 18, 2025
Cision Canada
4 hours ago
- Cision Canada
Rockwell Automation Report Finds CPG Industry Prioritizing Innovation Over Cost-Cutting
MILWAUKEE, Aug. 19, 2025 /CNW/ -- Rockwell Automation, Inc. (NYSE: ROK), the world's largest company dedicated to industrial automation and digital transformation, today announced the results of the 10th annual State of Smart Manufacturing Report: Consumer Packaged Goods (CPG) Edition. The findings highlight how manufacturers are placing greater importance on innovation, workforce development, and long-term growth strategies. The CPG industry is facing pressure on multiple fronts, from the growth of store brands to the demand for faster innovation and more sustainable products. At the same time, consumer loyalty is harder to earn, and expectations for customization and transparency are rising. In response to this, CPG companies are moving away from small-scale technology pilots and investing in solutions that deliver measurable results across the organization. The combination of workforce training, better use of data, and more adaptable systems is helping these manufacturers stay competitive while managing complexity. And as private-label brands expand and consumer expectations evolve, CPG leaders are prioritizing investments that help them compete more effectively in a crowded and fast-changing market. Notable Key Trends from 2024 to 2025: Rising Competition Leads Industry Concerns: In 2024, economic uncertainty and inflation were main challenges noted in our annual survey. In 2025, competition has taken the lead, driven by increased market pressure from private-label products and changing consumer buying habits. Technology Needs to Work for People: Companies are focusing less on simply adopting new tools and more on making sure new technology fits their teams and operations. Usability and scalability are now critical factors in technological decisions. Capabilities CPG leaders are looking for in their workforce include: communications/teamwork (86%), adaptability/flexibility (85%), while analytical thinking and cybersecurity practices are tied (84%). AI and Robotics Lead Investment Priorities: At the heart of technology investment decisions is a shift in thinking. 70% of CPG manufacturers say they are investing in AI, robotics, and simulation technologies for long-term business growth. This is a shift from last year when technology supported more sales analytics and process optimization. More companies are using data effectively The number of manufacturers who say they are using their data to guide decision-making is up from 40% in 2024 to 44% in 2025. AI is playing a growing role in data utilization in key areas like quality control, logistics, and cybersecurity, scoring 5% above the general average. Workforce strategies are evolving While 2024 emphasized attracting skilled labor, the 2025 report shows 34% of manufacturers are concentrating more on training current employees on updated processes, while 33% of the focus is on managing change effectively and improving employee retention. "CPG manufacturers are no longer just reacting to disruption—they're proactively investing in technologies that deliver sustainable growth and competitive advantage," said Steve Deitzer, vice president, Global Industry, CPG, Rockwell Automation. "This year's report shows a clear pivot toward long-term thinking, where AI, automation, and workforce enablement are central to success." Scalability and integration are now central to how CPG leaders approach growth. By aligning technology, people and processes, companies are working to build more agile and efficient operations that can keep up with market changes. The 2025 State of Smart Manufacturing Report, based on insights from 174 CPG leaders across 15 countries, is part of Rockwell Automation's broader global research initiative surveying over 1,500 manufacturing decision-makers. The full findings of the report can be found here. About Rockwell Automation Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 27,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit
CTV News
4 hours ago
- CTV News
Home Depot climbs as most of Wall Street remains stuck in a summer lull
Trader Michael Capolino left, works on the floor of the New York Stock Exchange, Monday, Aug. 18, 2025. (AP Photo/Richard Drew) NEW YORK — Wall Street is holding steady on Tuesday, stuck in a summer lull. The S&P 500 slipped 0.2 per cent, a day after barely budging, and remains near its all-time high set last week. The Dow Jones Industrial Average was up 68 points, or 0.2 per cent, as of 9:35 a.m. Eastern time, and the Nasdaq composite was down 0.4 per cent. Home Depot rose 3.1 per cent to lead the Dow higher after reporting results for the latest quarter that were a bit short of what analysts expected. The retailer said homeowners have been focused on smaller, less expensive home repairs while putting off bigger projects because of high interest rates and continuing concerns about inflation. But it stood by its prior forecast for revenue and profit over the full year. Other big retailers will deliver their latest profit updates in coming days. Lowe's and Target are on deck for Wednesday, while Walmart and Ross Stores will report on Thursday. The week's likely headliner, though, will not arrive until Friday, which could keep trading on Wall Street relatively quiet until then. That's when the chair of the U.S. Federal Reserve, Jerome Powell, will give a highly anticipated speech in Jackson Hole, Wyoming. The setting has been home to big policy announcements from the Fed in the past, and the hope on Wall Street is that Powell may give a hint that cuts to interest rates are coming soon. The Fed has been keeping its main interest rate steady this year, primarily because of the fear of the possibility that U.S. President Donald Trump's tariffs could push inflation higher. But a surprisingly weak report on job growth across the country and worries about the U.S. economy may be superseding that. Traders on Wall Street widely expect the Fed to cut interest rates at its next meeting in September. Treasury yields have come down notably in the bond market as a result, and they remained lower on Tuesday. The yield on the 10-year Treasury slipped to 4.31 per cent from 4.34 per cent late Monday. Strategists at Bank of America, though, warn that Powell may not sound as inclined to cut interest rates as the market is expecting. He could remain non-committal and discuss the possibility of a worst-case scenario for the economy called 'stagflation.' The Fed has no good tool to fix that situation, where the economy stagnates at the same time as inflation remains high. On Wall Street, Palo Alto Networks climbed 6.5 per cent after reporting profit and revenue for the latest quarter that topped analysts' expectations. The cybersecurity company also gave forecasts for profit and revenue in its upcoming fiscal year that were above Wall Street's. Tegna rose 4.8 per cent after Nexstar Media Group said it will buy the owner of 64 television stations across the country for US$22 per share in cash, giving the deal a total value of $6.2 billion, including debt. Nexstar, which owns the CW and local television broadcasters of its own, added 7.2 per cent. The companies said combining will give them a broader reach and allow them to better compete with Big Tech and legacy media. Viking Therapeutics tumbled 39.7 per cent after the biopharmaceutical company released results from a clinical trial of its oral tablet, which could treat obesity and other metabolic disorders. In stock markets abroad, indexes rose in Europe after falling modestly in Asia. Tokyo's Nikkei 225 index slipped 0.4 per cent as market heavyweight SoftBank Group Corp. fell four per cent after it announced it was taking a $2 billion stake in U.S. chip maker Intel. Intel, which has been climbing recently on reports that the Trump administration may take an ownership stake in the company, climbed 7.5 per cent. ___ AP business writers Matt Ott and Elaine Kurtenbach contributed. By Stan Choe
