News
MGM’s Purchase of Empire City Casino to Close in
January 702-632-6785
Tuesday, January 1, 2019
Sunday, April 21, 2019
Track Code | Track Name | Entry | Scratch | 1st Post ET | 1st Post Local | Time Zone | Stakes Race(s) | Stakes Grade | T.V. Indicator |
---|---|---|---|---|---|---|---|---|---|
GG | GOLDEN GATE FIELDS | 48 | 24 | 3:45 PM | 12:45 PM | PDT | |||
LS | LONE STAR PARK | 72 | 0 | 3:35 PM | 2:35 PM | CDT | |||
SA | SANTA ANITA PARK | 72 | 24 | 3:30 PM | 12:30 PM | PDT | |||
SUN | SUNLAND PARK | 168 | 0 | 2:30 PM | 12:30 PM | MDT | |||
WO | WOODBINE | 72 | 48 | 1:00 PM | 1:00 PM | EDT |
YONKERS, NY—MGM Resorts International’s $850-million purchase of the Empire City Casino property here is scheduled to close in a January.
Stop scratching on holidays
Off Track Betting in New York State has been racing into a crisis called shrinking revenue. Some people have spitballed a solution: Don’t close on holidays.
New York State Racing Law bars racing on Christmas, Easter and Palm Sunday, and the state has ruled OTBs can’t handle action on those days, even though they could easily broadcast races from out of state.
“You should be able to bet whenever you want,” said Jackson Leeds, a Nassau OTB employee who makes an occasional bet. He added some irrefutable logic: “How is the business going to make money if you’re not open to take people’s bets?”
Elias Tsekerides, president of the Federation of Hellenic Societies of Greater New York, said OTB is open on Greek Orthodox Easter and Palm Sunday.
“I don’t want discrimination,” Tsekerides said. “They close for the Catholics, but open for the Greek Orthodox? It’s either open for all or not open.”
OTB officials have said they lose millions by closing on Palm Sunday alone, with tracks such as Gulfstream, Santa Anita, Turf Paradise and Hawthorne running.
One option: OTBs could just stay open and face the consequences. New York City OTB did just that back in 2003. The handle was about $1.5 million – and OTB was fined $5,000.
Easy money.
Thanks for the help. The item’s below. I’d be happy to mail you a copy, if you give me a mailing address.
Claude Solnik
Long Island Business News
2150 Smithtown Ave.
Ronkonkoma, NY 11779-7348
Home > LI Confidential > Stop scratching on holidays
Stop scratching on holidays
Published: June 1, 2012
Off Track Betting in New York State has been racing into a crisis called shrinking revenue. Some people have spitballed a solution: Don’t close on holidays.
New York State Racing Law bars racing on Christmas, Easter and Palm Sunday, and the state has ruled OTBs can’t handle action on those days, even though they could easily broadcast races from out of state.
“You should be able to bet whenever you want,” said Jackson Leeds, a Nassau OTB employee who makes an occasional bet. He added some irrefutable logic: “How is the business going to make money if you’re not open to take people’s bets?”
Elias Tsekerides, president of the Federation of Hellenic Societies of Greater New York, said OTB is open on Greek Orthodox Easter and Palm Sunday.
“I don’t want discrimination,” Tsekerides said. “They close for the Catholics, but open for the Greek Orthodox? It’s either open for all or not open.”
OTB officials have said they lose millions by closing on Palm Sunday alone, with tracks such as Gulfstream, Santa Anita, Turf Paradise and Hawthorne running.
One option: OTBs could just stay open and face the consequences. New York City OTB did just that back in 2003. The handle was about $1.5 million – and OTB was fined $5,000.
Easy money.
MGM announced the planned closing of its purchase in connection with its appointment of Uri Clinton as president and chief operating officer of Empire City Casino upon the Las Vegas-based gaming company’s closing on the property and completion of licensing requirements that are expected in January.
Clinton will oversee daily operations at Empire City and provide strategic direction and leadership for the property. For the past several years, he has managed MGM Resorts’ efforts to explore development opportunities in Connecticut and New York, and will maintain an active role in these development efforts, MGM states.
“Uri’s proven leadership and wide range of skills have been instrumental in the company’s development efforts in New York and Connecticut, and he will continue to build on those successes with this new role,” says MGM Resorts president Bill Hornbuckle. “Empire City is already known for its world-class integrated gaming, racing and dining experience, and we are thrilled to welcome Empire City to the MGM Resorts family. We look forward to further solidifying MGM Resorts’ presence as the entertainment leader on the East Coast and in the New York City region.”
In May 2018, MGM Resorts International and MGM Growth Properties LLC reached an agreement to acquire the Empire City Casino for $850 million. At the time, MGM had anticipated closing on the property sometime in the first quarter of 2019.
The deal calls for the MGM entities to acquire both the casino and raceway operations at the 97-acre Empire City property located off the New York State Thruway in southern Westchester County. As part of the deal, MGP will lease back the property to a subsidiary of MGM Resorts, which will operate the property.
MGM Resorts also agreed to pay an additional $50 million if Empire City is awarded a license by New York State for live table games on or prior to Dec. 31, 2022 and MGM Resorts accepts such license by Dec. 31, 2024.
Clinton joined MGM Resorts as VP and deputy general counsel in 2014 and was promoted to SVP and Legal Counsel in 2016. During this time, he provided legal advice and counseling on gaming jurisdictions before transitioning to global development in 2018. Prior to joining the company, Clinton held leadership roles in legal affairs with several companies, including Baha Mar, Ltd., Multimedia Games, Inc. and Caesars Entertainment Corp.
He holds a bachelor’s degree in political science from the University of Nevada, Las Vegas, received a juris doctorate from Gonzaga University School of Law and received a master’s degree in management from Vanderbilt University.
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