In 2016, the gambling industry in the United States was worth an estimated $240 billion. This industry is made up of casinos, state lotteries, horse racing, and online gambling. The largest portion of this industry is commercial casinos, which brought in $40.28 billion in revenue in 2016.
The second-largest portion is tribal casinos, which brought in $32.4 billion.
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There are currently 26 states that have commercial casinos, and 28 states that have tribal casinos. New York is one of the states with both types of casinos.
In fact, New York is home to the largest commercial casino in the United States: the Empire City Casino at Yonkers Raceway.
The Empire City Casino is owned by the MGM Resorts International, one of the largest casino companies in the world. MGM Resorts also owns the Borgata Hotel Casino & Spa in Atlantic City, New Jersey; the Bellagio and MGM Grand hotels and casinos in Las Vegas, Nevada; and several other properties around the United States.
PRO TIP:Empire City Casino was purchased by MGM Resorts International in 2019 for a reported $850 million. This acquisition marked MGM’s first foray into the New York market and diversified its portfolio of resorts and casinos.
So why did MGM Resorts buy the Empire City Casino? There are a few reasons.
First, the Empire City Casino is a very successful property. It brought in over $750 million in revenue in 2016, and its net income has been increasing every year since 2013.
Second, the casino is located just outside of New York City, which gives it a large potential customer base. And third, MGM Resorts sees potential for further growth at the Empire City Casino.
The casino has already been expanded once since it opened in 2006, and there is space for more expansion. MGM Resorts plans to add a hotel to the property, as well as more restaurants and entertainment options.
With these additions, the company believes that it can increase both revenue and profit at the Empire City Casino.
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