City Center's development coincided with the global financial crisis, causing more than $1 billion in writedowns in its valuation. The company shifted its focus from owning and operating resorts and casinos to developing and building real estate in the leisure and gaming industry-launching the massive Cit圜enter mixed-use project, which was at the time of its construction the world's largest construction site and ranks as one of the most expensive real estate projects in history. In the mid-2000s, growth of its non-gaming (lodging, food, retail) revenue began to outpace gaming receipts and demand for high-rise condominiums was surging, with median property prices in Las Vegas twice the national average.

and became MGM Mirage in 2000, after acquiring Mirage Resorts. The company began operations in 1987 as MGM Grand, Inc. With full gaming licenses that would allow card and table betting being high on Empire City’s list of priorities for some time now, the move is set to position MGM Resorts in the buyer’s seat at a very advantageous time for the gambling industry.MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM. While MGM didn’t announce any new plans for the 97-acre site, the announcement comes hot on the heels of the Supreme Court decision to allow states to legislate the legality of sports betting in their jurisdictions. “Our vision for this property has always been to develop it into one of the world’s greatest entertainment destinations.” “We have been a partner of New York State and its communities for forty-six years, and it was important to us that we identify an entity that could build on the strong foundation we have established and bring our vision to fruition,” says President and CEO of Empire City Tim Rooney, Sr in a statement. (You’ve probably eaten at namesake Dan Rooney’s Café & Bar.) Yesterday morning, Empire City announced it reached an agreement with MGM Resorts International to sell both the property and operations for $850 million.

For nearly five decades, the 97-acre property and gaming arena has been owned by the Rooney family. Yonkers Raceway and Empire City Casino have been a staple of the Yonkers scene for more than a century.

Yonkers casino sold to mgm