The Bally Casino plan in The Bronx just took a turn.
According to an article in The New York Post, Bally's Corporation has ambitious plans to ensure that the people who will live near the casino will have a direct interest in its success.
The Bronx is one of the potential locations for a new casino, and Bally’s is one of a dozen developers vying for a downstate casino license in New York.
Bally's plans to construct a 500,000-square-foot casino at the Bronx site, which would be located next to the Bally’s-operated golf course at Ferry Point, previously managed by President Trump's firm.
They’re also planning to build a 500-room hotel that will include a spa and meeting spaces. Additionally, they will develop retail shops, a 2,000-seat event center, and two parking garages that can hold up to 4,660 vehicles.
Bally Casino Proposes Share Offer to Bronx Residents
But to get it all done, organizers are trying an unprecedented move. Bally’s has proposed giving Bronx residents the chance to own shares in the planned casino.
By allowing residents to buy into the project, Bally’s aims to foster a strong community connection.
According to the article in The New York Post, Bally’s isn't just offering shares; the company is also promising to invest significantly in community development.
If the casino gets the green light, Bally’s has pledged to direct at least 1% of its gross revenues from the casino to community benefit programs in The Bronx. This could translate to over $10 million annually.
The company plans to support various community initiatives, including funding schools and PTAs, aiding NYCHA and community housing, and supporting mental health and substance abuse programs. Additionally, Bally’s will donate to BronxNet, the borough’s local cable TV outlet. An advisory board, appointed by local elected officials, will oversee the grant distribution.
A Unique Investment Opportunity
One of the standout features of Bally’s community benefits package is the opportunity for Bronx residents to invest in the casino itself. Residents could potentially own up to 10% of the gaming facility.
Bally’s Corp chairman Soo Kim explained that individuals might be able to start investing with as little as $250. They could also receive additional financial leverage from the Bally’s Foundation, which could translate into significant returns if the casino performs well.
Model Mimics Plan Used for Bally’s Casino Chicago
Bally's is drawing from its experience with a similar economic model in Chicago, where a new casino is expected to open in 2026.
Bally's plans to sell ownership shares of its Chicago casino to women and minority investors. The money raised from these investors is expected to contribute to the $250 million needed to fund the construction of Bally’s permanent casino at Chicago Avenue and Halsted Street.
It will be added to the 16 casinos already operating in Illinois. The Wind Creek Southland Casino was the most recent one to swing open its doors in November.
But by adopting this approach (selling a stake in the casino), Bally’s aims to replicate its success in other regions while directly benefiting the communities in which it operates.
Goodwill Initiatives Already Underway
The New York Post article mentions that, as a gesture of goodwill, Bally’s is already operating a free shuttle bus service connecting Ferry Point with other parts of The Bronx. This initiative demonstrates the company’s commitment to establishing strong ties with the community even before the casino's doors open.
Bally’s proposal could transform both the local economy and community engagement in The Bronx by allowing residents to benefit directly from its success.
Lobbying for New York Casino Licenses Continues
Real estate developers and gambling executives have been working hard for nearly two years to create multibillion-dollar proposals for a new casino in New York City. Currently, 11 major proposals are competing for up to three new casino licenses in the city.
Proposals include a plan to build a casino near Citi Field, Nassau Coliseum, and another at Hudson Yards. Other plans being lobbied include Caesars Palace Times Square, and a bid from Resorts World New York City. The Citi Field plan just cleared a major hurdle after a vote by City Council.
State officials are expected to make their decision by the end of this year.
As New York City anticipates the state officials' decision, the excitement around the potential new casinos continues to build.
These projects promise not only to transform the city’s entertainment landscape but also to boost the local economy significantly. With the possibility of new attractions, job creation, and community investments, the wait for the final decision holds both promise and potential for the future of the Big Apple, and maybe even The Bronx.
