Bally's Attempts to Engage Bronx Residents by Providing a 10% Ownership Stake in New York City's Casino Project
Bally's is throwing down the gauntlet in the race for a coveted downstate New York casino license, and they're pulling out all the stops to win the hearts of the local Bronx community. Tensions are running high, as fears about increased traffic and crime have soured neighbors on the proposed project.
But don't count Bally's out just yet. The gambling giant's Chairman, Soo Kim, has introduced an enticing proposition - residents can snag up to a 10% equity stake in the casino with a humble $250 investment. This offer mirrors their progressive approach in Chicago, where they're offering equity shares to women and minorities in their under-development property.
To further sweeten the deal, Bally's is allowing locals to invest in the lucrative property that will rise on the old Trump Golf Links at Ferry Point. On top of that, a whopping 1% of the property's gross revenue will flow directly into the community's pockets, potentially amounting to over $10 million annually.
However, Bally's faces a formidable challenge. Some local politicians need to lend their support to rezone the land for commercial use. Confident in their prospects, Chairman Kim remains optimistic that they'll secure the necessary backing and engage in a fierce bidding war against ten rival casino companies.
But the road ahead is far from smooth. The project needs to clear various legislative hurdles and secure a gaming license by December 1, 2025. In March 2025, the Bronx Community Board 10 rejected the plan by a resounding 29-5, raising concerns about crime, traffic, and green space.
The proposal for the 500,000-square-foot casino, 500-room hotel, and 2,000-seat event center still has a long way to go before it becomes a reality. But with Bally's promising a substantial $625 million in community benefits, they're certainly giving it their best shot.
Lawmakers in the Bronx must rezone the land for commercial use to allow Bally's proposed casino and gambling facility to move forward, as per the minimum requirements of the law. Some residents find the proposed casino appealing due to the minimum investment opportunity of $250, which could secure up to a 10% equity stake in the property. Despite facing significant legislative hurdles and community concerns about crime, traffic, and green space, Bally's remains optimistic about securing necessary support and engaging in a competitive bidding war with rival casino companies.
