Story perspectives

MGM Exits $2.3B Yonkers Casino Bid, Three Left

10/17/2025

Summary

MGM Withdraws Casino Bid

MGM Resorts has withdrawn its bid for the $2.3 billion Yonkers casino development.
The decision follows a shift in competitive and economic assumptions, including a license term cut from 30 to 15 years.
With MGM's exit, three bids remain for the licenses: Bally's Bronx, Resorts World New York City, and Metropolitan Park in Queens.

Summary

MGM Exits Casino Bid

MGM Resorts International has withdrawn its $2.3 billion Yonkers casino bid, citing changes in competitive conditions and a 30-to-15-year license term.
Resorts World New York City, Bally's Bronx, and Metropolitan Park led by Steve Cohen and Hard Rock International remain contenders.
Yonkers Mayor Mike Spano condemns the exit as a betrayal and cites possible political influences.
The New York State Gaming Commission will decide by December 1, with uncertain outcomes.

History

Historical Context

New York legalized commercial casinos in 2013, allowing significant investments from companies like MGM Resorts. The New York State Gaming Commission's recent decision to reduce initial license terms from 30 to 15 years has prompted MGM's $2.3 billion withdrawal, leaving Bally's Bronx and Resorts World New York City as key bidders. This shift could reshape future investments in New York's gaming industry.

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MGM Withdraws Casino Bid

MGM Resorts has withdrawn its bid for the $2.3 billion Yonkers casino development.
The decision follows a shift in competitive and economic assumptions, including a license term cut from 30 to 15 years.
With MGM's exit, three bids remain for the licenses: Bally's Bronx, Resorts World New York City, and Metropolitan Park in Queens.

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