YONKERS, N.Y.--(BUSINESS WIRE)--Empire City Casino at Yonkers Raceway, one of the largest casinos in the U.S. and one of only two casinos licensed to serve the New York City metropolitan area, today announced that it has initiated a process to explore alternatives, including strategic partnerships, to best position this leading gaming and entertainment facility for the future. Empire City serves more than 16 million eligible gaming customers in southern New York and is located only fifteen miles from Times Square in Manhattan.The Rooney family, which has owned Empire City Casino and Yonkers Raceway for over 45 years, seeks the right strategic partner to enable the transformation of the iconic, nearly 100-acre property into one of the world’s greatest entertainment destinations.
“Since 1899, Empire City has served its community and customers through its exceptional commitment to the creation of an unparalleled gaming and racing experience,” said Timothy J. Rooney, President and CEO of Empire City. “We believe our prime location and outstanding accessibility will serve as a unique platform to create one of the world’s leading gaming, hospitality, and entertainment venues. We are excited to explore opportunities with potential partners who can build on the strong foundation we have established.”
There can be no assurance that the process will result in a transaction, or on the terms or timing of such a transaction, if undertaken. No definitive schedule to complete the search has been set. To assist in the process, J.P. Morgan Securities LLC has been retained as the financial advisor. Any developments with respect to the review of alternatives will not be disclosed until a definitive agreement has been reached, and all reviews are concluded.
Contacts
All questions regarding the strategic review should be directed to the following at J.P. Morgan:
Bret Yunker, 212-622-1499
Head of Gaming Investment Banking
Empire_City@jpmorgan.com
