Bally’s offers Bronx residents ownership in planned casino
The company vying to open a casino in The Bronx really wants neighbors to have a vested interest in the proposed gaming facility.
Bally’s is offering residents the opportunity to buy shares in the casino that would be located adjacent to its golf course at Ferry Point, formerly operated by President Trump’s firm.
That’s right — stocks, not just chips.
Bally’s also is pledging that at least 1% of its gross revenues from the casino will go to community benefits programs in The Bronx — more than $10 million a year or $100 million over 10 years — if it is awarded a coveted license.
The company plans to fund schools and PTAs, NYCHA and community housing, mental health and substance abuse programs and give to BronxNet, the borough’s cable TV outlet.
Allocations of the grants would be overseen by an advisory board appointed by local elected officials.
As a sign of goodwill, Bally’s already operates a free shuttle bus service to and from Ferry Point and other parts of The Bronx.
But one of the most attractive features of the community benefits package is that Bronx residents can also invest in the casino, owning, likely, up to 10% of the gaming facility, said Bally’s Corp chairman Soo Kim.
Customers could be able to invest as little as $250 and get leverage from the Bally’s Foundation, so that if the casino performs well they can make many multiples of their money.
Kim is using the same economic model at his Chicago casino that is expected to open in 2026.
He also claimed the casino would be the largest private project ever in the Bronx.
A big hurdle Bally’s has to clear is getting the state legislature to pass an alienation bill that would redesignate a portion of the parkland it occupies for commercial use as a casino.
For that to happen, Kim would need the two Bronx legislators who represent Ferry Point and the Throggs Neck area — state Sen. Nathalia Fernandez and Assemblyman Michael Benedetto — to introduce and pass such a measure.
“If we can’t get alienation done,” Kim said, “we can’t get a casino license.”
But, “we feel like we’re going to get there,” he added.
Mets owner Steve Cohen’s $8 billion proposal to build a casino complex next to Citi Field in Flushing Meadows-Corona also requires state legislation to repurpose vacant lots designated as parkland for commercial use.
The state will start accepting casino bids this summer, making winning the alienation bill now essential.
At least 11 bidders are jockeying to win at least three coveted casino licenses that will be awarded by the state Gaming Commission at the end of this year.
Bally’s plans to build a 500,000-square-foot casino on the Bronx site, along with a 500-room hotel with a spa and meeting space, retail shops, a 2,000-seat event center, and two parking garages with capacity for up to 4,660 vehicles.
About The Author
