MGM Resorts, in conjunction with its MGM Growth Properties (MGP) arm, are coming to New York. The duo announced the purchase of the Empire City Casino’s casino and racetrack for $850 million as the casino giant looks to make it big in The Big Apple.

Empire City will be sold to MGP, who will then lease it to MGM. An MGM Resorts subsidiary will be set up to operate the resort. MGM Resorts International Chairman and CEO Jim Murren said acquiring Empire City “represents an excellent opportunity to further solidify our presence on the East Coast, and in particular, expand our reach into the high-density New York City region.”

Murren commented further, “We believe this transaction enhances our free cash flow profile and presents attractive future opportunities for the company.”

MGM anticipates that part of the funding for the purchase—$260 million—will be settled through stock. If Empire City is approved for a live table gaming license before or on December 31, 2022, MGM will pay an additional $50 million, provided MGM Resorts agrees to accept the license by December 31, 2024.