As State President, Phillips will oversee the council’s activities within New York State and act as a liaison between the regional vice president, the council’s leadership team, and its staff.
“Home sales momentum is building,” said NAR Chief Economist Lawrence Yun.
Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
MGM plans to transition Yonkers' Empire City Casino into a world-class entertainment destination, with a full-scale casino, 5,000-seat entertainment venue, and sportsbook operation, all supported by thousands of union jobs.
YONKERS—MGM Resorts International unveiled its vision yesterday to transition Empire City Casino by MGM Resorts into a world-class entertainment destination, MGM Empire City, if awarded a commercial casino license for its Yonkers site.
Key elements of the phase one design include a comprehensive casino floor redevelopment and expansion, 5,000-capacity entertainment venue, state-of-the-art “BetMGM sportsbook,” food and beverage outlets by celebrated chefs, cocktail bars and lounges, technologically advanced meeting spaces and more.
MGM Empire City’s plans feature a complete property redevelopment shifting from a video lottery terminal racino into a full-scale commercial casino with live-dealer table games, the newest slot machines and a high-limit gaming area for the most discerning casino guests. The design includes the addition of several new destination dining experiences, including a modern steakhouse, a casual quick-serve Italian American experience and an authentic Asian noodle bar and eatery. Existing venues Big Kitchen food court and The Pub sports bar will also transform into new, high-end food concepts. The plan also includes development of a new parking garage to significantly enhance the guest arrival experience while also providing visitors with direct and convenient access to the casino and its amenities.
No development cost estimates were released in connection with the planned expansion. MGM Resorts stated that the entertainment venue will be the first-of-its-kind in the region, hosting A-list performers and events in a spectacular 5,000-capacity setting with unrivaled views, cutting-edge acoustics and dedicated amenities.
A commercial casino license will also enable MGM Empire City to introduce The BetMGM Sportsbook & Lounge, offering guests lively game day experiences with a 112-foot wrap-around LED screen, stadium seating, VIP areas, multiple betting kiosks and food and beverage operations.
“MGM Resorts has a long and proud history of delivering world-class entertainment and gaming experiences, and we couldn’t be more excited to build on that track record at MGM Empire City,” said Bill Hornbuckle, President and Chief Executive Officer, MGM Resorts. “A full-scale casino and entertainment destination will provide unparalleled experiences, create thousands of jobs, boost the state’s economy, and be a game-changer for the entire region.”
Yonkers Mayor Mike Spano said, “This is a momentous opportunity for the City of Yonkers, and I’m excited for the future, knowing the development of MGM Empire City will create thousands of good-paying union jobs and the economic growth that will ensure our city continues to flourish and prosper. Already drawing millions of guests annually, this development plan will solidify Empire City’s status as a premier entertainment destination. Generations of Yonkers residents have worked at, enjoyed, and supported this historic property for 125 years, and I am excited about the significant impacts this project will have for residents now and for the next 125 years.”
Ed Domingo, General Manager of Empire City Casino, said, “When MGM Resorts acquired Empire City Casino in 2019, we knew we were becoming stewards of a historic institution that has served generations of New Yorkers as a gathering place for entertainment, a source of jobs for the community, and a driver of economic development. As MGM Resorts prepares to enter its sixth year at the helm of this iconic property, we are excited to be able to combine the knowledge we have developed of the New York market with our expertise as a global entertainment brand, to bring the next chapter of New York’s entertainment landscape to the incredible community we are part of.”
Empire City boasts the largest casino floor in the company’s domestic portfolio at 160,000 square feet and is also one of the largest gaming floors in the country. It has been operating since October 2006 with video lottery terminals and electronic table games under its current lottery license. The site is also home to the historic Yonkers Raceway, a world-renowned horse racing harness track that has been operating since 1899. MGM Resorts remains committed to continuing racing operations and recently made significant investments in track renovations.
The facility is Yonkers’s largest tax contributor and one of its largest private employers. Future development plans will substantially boost workforce numbers with thousands of direct hires and more than 10,000 anticipated indirect and induced jobs.
The development plan will move forward if MGM Resorts is successful in securing one of three available full commercial casino licenses currently up for bid in the State of New York. Application process and timeline will be provided by the state’s Gaming Facility Location Board in the coming months.
Lowe’s and Sam’s Club are situated within the larger Hudson Valley Plaza, a 673,000-square-foot regional power center, anchored by complementary retailers such as Walmart and PetSmart, among others.
Boasting a vacancy rate in the low 4% and uninterrupted positive trends in rental rates, fundamentals for Westchester multifamily are strong.
Brokers contend that companies will be attracted to Class A-type space, while properties rated at either B or C will have trouble attracting tenants.
The Orange County Partnership attends the SEMI Industry Strategy Symposium in Half Moon Bay, CA to promote Orange County as "the bridge" between New York City and Albany, and a shovel-ready market with sites ready for major semiconductor manufacturing investment.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
