MGM Resorts to buy New York's Empire City Casino

MGM Resorts International (NYSE:MGM) is adding another casino name to its portfolio.

The casino operator is buying the Empire City Casino in Yonkers, New York, in a deal valued at $850 million dollars.

The purchase includes the Yonkers Raceway harness racing track, which is attached to the casino about 15 miles from Manhattan.

MGM is buying the facility from the Rooney family, which has owned the operation for four decades.

Tim Rooney, whose family owns the Pittsburgh Steelers of the National Football League is the chief executive of Empire City.

MGM will pay an additional $50 million dollars if the casino is granted a license for live table games by 2023.

MGM largely operates in las Vegas, but also has casinos in Atlantic City, New Jersey, Detroit and Macau.