MGM Resorts International and MGM Growth Properties LLC said Tuesday they have reached an agreement to acquire Empire City Casino’s race track and casino in Yonkers, New York for $850 million. MGP will acquire the developed real property associated with Empire City from MGM Resorts and lease it back to one of its subsidiaries. MGM Resorts will pay an extra $50 million if Empire City wins a licence for live table games on or before Dec. 31, 2022 and MGM Resorts accepts that license by Dec. 31, 2024. “With Empire City’s approximately 40% share of gross gaming revenues in the market, we believe there are significant opportunities for MGM Resorts to further drive growth,” MGM Resorts Chief Financial Officer Dan D’Arrigo said in a statement. “We believe the transaction will be value-accretive within its first year of closing, with incremental revenue synergies expected to support growth in 2020 and beyond.” Shares were not active premarket.