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Empire City is refinancing its $325 million overall debt, including its most recent $40 million expansion, which includes a modern 35,000 square-foot gaming floor and two new restaurants. The expansion created 100 construction jobs and 200 permanent casino jobs.
“This is a great deal for Yonkers taxpayers,” Mayor Mike Spano said in a prepared statement. “The City is actually getting more money than if we had done nothing at all.”
With the agreement in place, Empire City will pay the city an additional $1.57 million this year.
Under the plan approved by the YIDA, Empire City Casino will pay $523,000 in previously-agreed upon sales-tax reimbursements, $3 million in additional payments to be paid to the City’s general fund over two years, $500,000 to the YIDA for economic development efforts, and up to $150,000 in materials or cash for improvements to the Coyne Park Senior and Community Center near the casino.
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