Bally’s Lease Deal with the Trump Organization May Cost $100M

Earlier this month, the Trump Organization considered leasing the Trump Golf Links Ferry Point, a city-owned golf course in the Bronx to Bally’s. The casino giant continues its negotiations with the Trump family, with a New York casino license on the line.

According to an earlier report, the golf course lease would be handed to Bally’s which will use the property to erect a new casino hotel (if approved for a license).

Back when the deal was first announced, no financial details were disclosed. However, a recent report from the New York Post believes that the price of the deal may go north of $100 million. The post said that sources told it Eric Trump personally led the negotiations, trying to extract the best deal possible.

According to the post, the price is unlikely to increase further because the Trump Organization doesn’t want to stall the deal.

Bally’s Is Bullish on Securing a NY City License  

Bally’s plans for the Trump Golf Links Ferry Point is to rebrand the property and build a new casino at the site, if awarded a license. It is imperative for the casino giant to close the deal now and acquire the lease from the Trump Organization itself.

Leasing the property would allow Bally’s to make plans for a casino, joining the New York City casino competition. While the official licensing process is yet to begin, the local authorities want casino companies to propose attractive projects that would benefit the city as a whole.

New York City is set to only hand three licenses to the three casino companies that submit the best and most beneficial projects. As a result, Bally’s will have to compete with some of the other American casino juggernauts for one of the limited licenses.

The New York casino race may also test the patience of the participants as it the regulator may not award the licenses soon.

Other Bally’s News

In unrelated news, Bally’s just reinforced its leadership team with two new appointments. The company named Don Westcott as SVP, global chief compliance officer, and Tammi Barlow as inaugural VP of global responsibility and social impact.

Earlier this month, Bally’s made a huge investment in the future of the industry, providing a $5 million donation to the Community College of Rhode Island (CCRI) Foundation. The latter will now offer casino industry-related programs to its students.