Bally's Attempts to Attract Bronx Neighborhood Support Through Proposal of 10% Equity Stake in Future New York City Casino
Laying Down the Cards: Bally's Gamble in the Bronx
Step right up! Bally's Corporation is placing its bet on a hot-stakes game in downstate New York, and they're pulling out all the stops to win the locals over. The proposed project in the heart of the Bronx has sparked controversy, with fears of escalating traffic and crime levels lingering in the air.
For those eager to get a piece of the action, Bally's Chairman Soo Kim announced that the local community has the chance to snag up to 10% equity in the casino. All it takes is a minimum investment of $250 per individual. Sound familiar? It's not unlike their offering of equity in their under-development property in Chicago, targeting females and minorities.
To sweeten the pot, Bally's is giving residents the opportunity to buy shares in the would-be casino,located on the former Trump Golf Links at Ferry Point. This isn't just a simple investment—1% of the property's gross revenue is also earmarked for the community, raking in over $10 million annually.
However, Bally's hasn't been sailing smoothly. Some local lawmakers are holding out, refusing to back the rezoning needed to convert the land for commercial use. But Kim remains optimistic, sure that they'll secure the necessary support and take on the ten rival casino companies in the bidding war.
Now, let's take a closer look. Bally's Brooklyn proposal encompasses a whopping $625 million community benefits package, complete with road improvements, park makeovers, youth sports funding, and the promise of nearly 4,000 union jobs[1][3]. But the plan has been a tough sell, with Community Board 10 rejecting it 29-5, citing traffic, crime, and parkland loss concerns[3].
Despite the setbacks, Bally's Foundation, a separate nonprofit arm, recently purchased Preston High School for $8.5 million to keep it from shutting down. They're leasing it back for a dollar a year and covering capital improvements—a move that's being seen as a gesture of goodwill as the casino debate rages on[1][3][5].
As for the equity offering, no explicit details have emerged for the Bronx. However, Bally's historical approach in Chicago included ownership stakes and community funds in their under-development properties, although specifics about female and minority equity remain hazy[5].
All in all, the Bronx proposal emphasizes long-term investments and job opportunities, but the equity structure remains undetailed[1][3]. On the other hand, Chicago's approach leans on local investment, which aligns with Bally's plans in the Bronx. The Bronx strategy is to engage the community through preserving institutions like Preston High School, attempting to demonstrate their commitment even in the face of opposition[1][3][5].
- Bally's Corporation is investing in a casino project in the Bronx, offering locals a chance to invest with a minimum of $250 eligible for up to 10% equity.
- The proposed casino, located on the former Trump Golf Links at Ferry Point, promises to generate over $10 million annually for the community.
- Some lawmakers are hesitant to support Bally's proposal, refusing to back the rezoning necessary for commercial use.
- Bally's Brooklyn proposal includes a $625 million community benefits package, addressing concerns such as traffic, park improvements, youth sports funding, and job creation.
- Despite Community Board 10's rejection of the proposal, Bally's Foundation purchased Preston High School to keep it from closure, subsequently leasing it back for a dollar a year.
- Unlike the detailed approach to community investment in Chicago, the equity structure for the Bronx casino remains undetailed, although the general approach leans on local investment and preserving institutions.
- The casino-and-gambling industry, with trends influencing gambling habits in Las Vegas, is driving investments in casinos like the one proposed by Bally's in the Bronx.
- Responsible gambling advocates are urging casino-personalities and lawmakers to prioritize responsible gambling practices within the casino culture.
