The future of New York's gambling sector could soon start to take shape, as the state Gaming Commission is expected to formally release applications for three full-scale gaming licenses downstate.

It's a decision that could have a dramatic impact on the Yonkers economy if MGM receives one of the coveted licenses for Empire City Casino.

Ed Domingo, the casino's general manager, sat down with Senior Investigative Reporter Tara Rosenblum to discuss what's at stake and what he's got planned for the 122-year-old Yonkers landmark.

The Empire City Casino is rumored to be one of the leading contenders in the high stakes competition that already has interest from the world's most powerful casino operators, including Caesars, Wynn and the Hard Rock, which are all expected to propose new casino sites across New York City.

Empire City has a unique advantage. It is home to one of the largest gaming floors in the nation and already operates thousands of slot machines - so it would be an expansion, not a project that has to be built from the ground up. That "speed to market" factor could prove pivotal.

It's also just 15 miles from Times Square and close to one of Westchester's busiest thoroughfares.

"We know that this is going to be an incredibly competitive process...these licenses to operate casinos in and around New York City are some of the most valuable that have ever existed anywhere, and we know that there is tremendous competition out there," Domingo says.  "We feel really good about our chances."

Should Empire City get a license, Domingo revealed an additional $850 million in development to turn the electric betting tables into Vegas-style slots and live table games, along with new luxury restaurants and a state-of-the-art entertainment center to draw in big acts like Bruno Mars and Lady Gaga.

The timetable for the process is currently unclear, but should Lady Luck be in their corner, Empire City's video lottery terminals could be replaced with Las Vegas-style slots and live gaming tables that are considered to be the ultimate jackpot of the gaming industry.