MGM Empire City Gaming Casino.... SCRATCHED!!!!!

[Yonkers1A]

Is this the end of racing at Jonkers

[Calhoun]

I don't think a single one of you Plop Retards spelled Mamdani correct.

[Trigger]

I don't think a single one of you Plop Retards spelled Mamdani correct.

 

Guilty as charged! 

Even worst, I was correcting a misspell, did it with an of course - misspell. 

Unintentional your honor!   

[Equine Advocacy Alliance]

If you're looking for the 'why'? The answer lies with these two. As always, when I explain you all know I bring receipts. 

[Grandstand Handicapper]

From a report I watched MGM did not want to invest all that money and only get a 15 year Casino license.  Originally it was 30 years. What it means for Yonkers racing I doubt will be good.

That's what MGM said about withdrawing their bid-----15 yr vs 30, and also the proximity to the other three proposals. This is where the drama starts. The Mayor of Yonkers is calling for an investigation, blaming the Trump Organization, and so on. I just care what happens to racing. At this point, even with all the unknowns, I agree with you, it doesn't look good.

[Kirby's Ace]

Shut her down Joe.The party's over!

 

[The Answer]

You people can’t be that dumb. MGM is keeping the slot parlor at Yonkers. It’s just not investing 3 billion and 5 years of licensing and permitting to build a full casino for table games. Slots are the most profitable anyhow and if you have ever seen the cliental there they aren’t going to a casino where a 6oz filet is going to cost 200 bucks.

[albitchross]

You people can’t be that dumb. MGM is keeping the slot parlor at Yonkers. It’s just not investing 3 billion and 5 years of licensing and permitting to build a full casino for table games. Slots are the most profitable anyhow and if you have ever seen the cliental there they aren’t going to a casino where a 6oz filet is going to cost 200 bucks.

correct... the people there spend millions on penny slots ..  they also have thousands of  high rollers -- the money will keep flowing.  maybe now they can get an announcer that does a good job with words, horse and owner names 

[Kirby's Ace]

Why do you have to piss on our parade? Let us enjoy the thought that maybe this is the beginning of the end to Faraldo and his gang of theives!

[augustaandy]

this is a holy shit moment for me for doing business and investing in the formerly great state of New York

over 7 years ago the state issued 4 full casino licenses north of Westchester with a guarantee of no downstate competition for at least 7 years, which expired

there are 3 new casino licenses currently up for bid in NY, bids I believe exceed 200 million and the license fee I believe is 500 million, the tax rate on profits is 50%

the real winner is the state!

what shocks me in the article is the following;


"The company also cited a reduction in the expected license term from 30 years to 15 years, which would alter returns on its planned $2.3 billion investment"


The value of the license just decreased by 50%. MGM has lots of customers from Queens, NYC and the swamps of Jersey which they will lose if the other 3 casinos are approved as nobody will pass the new Bronx casino from NYC to get to Yonkers, nobody will cross the Throgs Neck or Whitestone bridges and their heavy tolls to hit Yonkers, and the swamp residents will not drive past a shiny new entity in The Bronx to go to an old facility.

If the state can do this mid-stream to bidders, think about what they can do to other businesses.

The real losers, the horse owners currently racing for 8.75% of the racino winnings at Yonkers will have to race for far less as at least 40% of the business is at risk of evaporating, and it cost far more to race now than it did 5 years ago.

New York, New York, time to leave!

[Yonkers1A]

this is a holy shit moment for me for doing business and investing in the formerly great state of New York

over 7 years ago the state issued 4 full casino licenses north of Westchester with a guarantee of no downstate competition for at least 7 years, which expired

there are 3 new casino licenses currently up for bid in NY, bids I believe exceed 200 million and the license fee I believe is 500 million, the tax rate on profits is 50%

the real winner is the state!

what shocks me in the article is the following;


"The company also cited a reduction in the expected license term from 30 years to 15 years, which would alter returns on its planned $2.3 billion investment"


The value of the license just decreased by 50%. MGM has lots of customers from Queens, NYC and the swamps of Jersey which they will lose if the other 3 casinos are approved as nobody will pass the new Bronx casino from NYC to get to Yonkers, nobody will cross the Throgs Neck or Whitestone bridges and their heavy tolls to hit Yonkers, and the swamp residents will not drive past a shiny new entity in The Bronx to go to an old facility.

If the state can do this mid-stream to bidders, think about what they can do to other businesses.

The real losers, the horse owners currently racing for 8.75% of the racino winnings at Yonkers will have to race for far less as at least 40% of the business is at risk of evaporating, and it cost far more to race now than it did 5 years ago.

New York, New York, time to leave!

Throw in the Monticello casino, will the Asians playing Baccarat keep taking the bus to the Casino. I doubt it, that track will close by 2030, you heard it hear first

[toothman]

For how long is the new SOANY deal with MGM?
Hoping for the Pope to weigh in....

[Equine Advocacy Alliance]

For how long is the new SOANY deal with MGM?
Hoping for the Pope to weigh in....

Three years, about the same amount of time it will take for the new casinos to be built and running. What I'm laughing at is this shines a HUGE light on the fact this is a reminder that when the VLT WELFARE ends, so does the racing. There's a reason for everything that is happening and isn't happening.