【stake referral code】Bally’s Tries to Involve Bronx Locals in Casino Project

It’s been a while since Bally's Corporation shared its plans to launch a casino in the Bronx, New York City. The gambling leader wants to win over the public and has offered residents the opportunity to buy shares in the casino project.

Bally’s plans to develop a multi-million-dollar casino resort in the Bronx. The property is to be situated within the 192-acre public golf course at Ferry Point Park. The company purchased the golf course from President Donald Trump in September 2023.

As part of the project, the gaming firm intends to develop a 3.1-million-square-foot complex featuring a casino, a 500-room hotel with a spa centre, meeting spaces, retail shops, a 2,000-seat entertainment venue, and parking facilities that would house around 4,600 vehicles.

Bally’s Needs State Approval First

However, for Bally’s to open a casino in the Bronx, the company must obtain one of the three available downstate licences. The New York State Gaming Commission aims to issue these three licences for the downstate region by the end of 2025. Their issuance was delayed due to a moratorium that allowed the upstate casinos to adjust to the Empire State’s gambling landscape.

The gambling regulator has also outlined what is expected from the ideal candidate. First, the minimal licensing fee would be US$500 million or more. The candidate’s project must also have a significant economic impact on the area, including job creation, tax revenue, and investment.

Another requirement is to have strong local support. For example, each casino bid must be approved by a six-member Community Advisory Committee, which includes local officials and representatives. Perhaps Bally’s new initiative to allow residents to purchase shares in the casino is yet another attempt to gain local support approval.

Planning to Share Revenue

Bally’s has also vowed to share a portion of the revenue generated from the proposed casino in the Bronx. According to the gambling leader, at least 1% of the gross revenue from this gaming establishment will be allocated to community programmes in the area.

Rough estimates indicate that over 1% could generate more than US$10 million annually or US$100 million within the next decade. However, the company must first obtain a full-scale casino license.

Furthermore, the corporation pledged to support schools, PTAs, NYCHA, community housing, mental health and substance addiction programmes, as well as BronxNet, the borough’s cable TV channel.

According to the company, an advisory board selected by local officials will manage allocating its financial support payments.

Owning Up to 10% of the Casino

This is not Bally’s first attempt to win over the public. A while back, the company launched a free shuttle bus service from Ferry Point to other parts of the borough and back.

However, Bally’s Chairman Soo Kim believes one of the most attractive aspects of the bid is that Bronx residents would be able to invest in the casino. In his words, locals would be likely allowed to purchase up to 10% of the gaming location.

Those interested in investing in the project could put in as little as US$250 and acquire leverage from the Bally’s Foundation. Therefore, if the casino performs well, they can make a good return on their investment.

Bally’s has already implemented a similar economic model at its Chicago casino, which is on track to launch next year. Chicago residents can purchase casino shares ranging from £250 to £25,000 each.

More Hurdles Ahead

In addition to a casino license from the New York State Gaming Commission, Bally’s would need the state to greenlight an alienation bill. This legislation would redesignate a portion of the parkland for commercial casino gaming.

However, for the redesignation to be possible, Bronx legislators Senator Nathalia Fernandez and Assemblyman Michael Benedetto must file and approve such a bill. Both represent the Ferry Point area, and Kim states, “If we can’t get alienation done, we can’t get a casino licence.” Nevertheless, he remains optimistic that it can be achieved.

Competition Gets Tougher

Only three casino licences are available for downstate New York, so securing one may be the biggest challenge for Bally’s. Furthermore, two of those are almost nailed on for the existing gaming facilities: Resorts World New York City in Queens and Empire City Casino in Yonkers.

These two already run gambling operations in the region, and their expansion seems almost inevitable. They have significant community backing, and if approved for licenses, they would be quick to bolster their offerings and bring in new revenue.

Resorts World New York City and Empire City Casino are the two front runners, and the rest of the companies are competing for the third and last license, making the competition even more fierce.

Other candidates include Wynn Resorts and Related Companies’ $12 billion casino proposal for Hudson Yards, Thor Equities and Saratoga Casino Holdings’ $3 billion ‘The Coney’ project for Coney Island. Las Vegas Sands and RXR Realty have also submitted a proposal for a $6 billion casino in Nassau County.

Additional bids have also come from Soloviev Group and Mohegan Sun for Midtown East between First Avenue and FDR Drive, Caesars Entertainment, Roc Nation and SL Green for Times Square and others.

Decision Expected by the End of 2025

The New York State Gaming Commission should announce the winner of the three licences by the end of 2025. The regulator has plenty of offers on its table; it will be intriguing to see which proposals emerge victorious. However, it would not be unusual for the commission to postpone its decision.