MGM Resorts International (NYSE:MGM) entered into an agreement to acquire real property and operations of Empire City Casino at Yonkers Raceway for approximately $930 million on May 28, 2018. The consideration is subject to customary working capital and other adjustments. The consideration includes the refinancing of Empire City’s outstanding debt, which is expected to be about $245 million at the time of closing. MGM Resorts issued 9.372,336 million shares as part of the remaining consideration. Furthermore, MGM Resorts has agreed to pay additional consideration of $50 million if Empire City is awarded a license for live table games on or prior to December 31, 2022 and MGM Resorts accepts such license by December 31, 2024. The consideration is subject to customary working capital and other adjustments. Subsequent to the purchase of Empire City, MGM Resorts and MGM Growth Properties LLC (NYSE: MGP) have entered into an agreement under which MGM Resorts will sell the developed real property to MGP for total consideration of approximately $625 million. Uri Clinton has been names as Chief Operating Officer of Empire City Casino. For the last twelve months ended March 31, 2018, Empire City reported approximately $230 million in net revenues and approximately $70 million in adjusted EBITDA. The transaction is subject to regulatory approvals including the Gaming Commission, and other customary closing conditions and is expected to close in the first quarter of 2019. As on December 21, 2018, the deal is expected to close around January 3, 2019, after approval from the Gaming Commission. On January 28, 2019 the transaction was approved by the New York State Gaming Commission and it remain subject to the satisfaction of other closing conditions and the transaction is expected to close on or about January 29, 2019. The transaction is also expected to be value-accretive for MGM Resorts within its first year of closing, with incremental revenue synergies expected to support growth in 2020 and beyond. BofA Merrill Lynch acted as financial advisor to MGM Resorts. J.P. Morgan Securities LLC acted as financial advisor to Rooney family, owner of Empire City. PJT Partners LP is acting as financial advisor to the conflicts committee of the MGP Board of Directors. Andrew Lance and John Williams of Gibson, Dunn & Crutcher LLP acted as legal advisers to MGM Resorts International. Minh Van Ngo of Cravath acted as a legal advisor for J.P. Morgan Securities LLC. JPMorgan Chase & Co. acted as fairness opinion provider to real property and operations of Empire City Casino at Yonkers Raceway. MGM Resorts International (NYSE:MGM) completed the acquisition of real property and operations of Empire City Casino at Yonkers Raceway on January 29, 2019. MGM Resorts funded the transaction with approximately $360 million of cash on hand.