Bally’s Plans Casino with Ownership Perks for Bronx Locals

Bally’s Corporation, the leading hospitality and gaming company, is one of nearly a dozen gambling operators and coalitions looking into the possibility of securing a casino license in New York. While competition is fierce, only three licenses are up for grabs.

Benefits for Bronx Residents Include Pledges to Community Programs, Investment Opportunities

In an effort to sweeten the pot for its future hotel and casino resort development in the Bronx, Bally’s recently proposed local residents have the ability to invest in the venue’s gaming facility. That is according to a report from the New York Post, which reveals that Bally’s is prepared to offer Bronx residents the option to invest in the casino.

Such an investment can be as little as $250 and in total, the company may sell up to 10% of the shares in its gaming facility, Bally’s chairman Soo Kim confirmed. This unique opportunity would serve as an extra benefit for Bronx residents. Investing in the casino, they may easily multiply their investment, depending on the casino’s performance.

In addition, Bally’s reportedly plans to dedicate a minimum of 1% of its gross revenues annually to a range of community programs and benefits for the Bronx region. This translates to $10 million per year, or upwards of $100 million in the next decade. Such proceeds are undoubtedly going to play a key role in revitalizing programs in the region and contribute toward community development.

Bally’s proposed hotel and casino seeks to use the land near its golf course at Ferry Point, formerly Trump Golf Links, which belonged to President Donald Trump. The massive hotel and casino resort is expected to offer 500 hotel rooms, as well as amenities such as meeting and conference spaces, a spa, as well as retail outlets. Not unexpectedly, the resort would offer a 500,000-square-foot casino, the centerpiece of the property.

Licenses to Be Awarded Before the End of 2025

According to the company’s chairman, the proposed casino project by Bally’s in the Bronx follows the same economic model the company uses for its casino in Chicago. The aforementioned luxury property is expected to welcome its first visitors at some point next year.

Similar to other New York casino bidders, one of the major obstacles Bally’s is facing is the repurposing of land to be used for the casino resort project. This is required considering that part of the land Bally’s would use needs receive rezoning approval from parkland to commercial land. In case this happens, the proposal would clear up a significant hurdle in the process.

Still, there’s plenty of time before the three much-wanted casino licenses are awarded by the New York State Gaming Commission before the end of the year.