Stamford, Connecticut-based MML Capital Partners has made a $75 million (€48 million) mezzanine investment in Yonkers Racing Corporation, along with a co-investment by New York Life Capital Partners, affiliate of New York Life Insurance Company and limited partner in the firm’s latest fund.
Yonkers Raceway in New York is home to Empire City Gaming which houses a 140,000-square-foot gaming facility. Yonkers Raceway was founded in 1899 as the Empire City Trotting Club and was acquired in 1972 by the Rooney family, of former Pittsburgh Steelers American football owner Art Rooney.
The deal is MML’s twelth investment from through its Fund IV.
MML Capital Partners provides capital to businesses for expansion/acquisitions, management-led equity deals, recapitalisations and buy-outs from equity to mezzanine investments. The firm has offices in the US and Europe.
New York Life Capital Partners, overseeing alternative assets for New York Life Insurance Company, manages more than $5 billion of private equity assets including direct equity, mezzanine, and limited partnership investments.