Bally's Attempts to Attract Bronx Residents with 10% Shared Ownership of New York City Casino Project
Going All In: Bally's Casino Bid in the Bronx
Looking to shake up the gaming scene in downstate New York, Bally's Corporation is pulling out all the stops for its proposed casino in the Bronx. But this ambitious project is hitting a roadblock as local residents are wary of the potential impacts on traffic and crime.
The proposed development, slated for the former Trump Golf Links at Ferry Point, has sparked a swirl of controversy. To win over local hearts, Bally's Chairman Soo Kim is dangling an enticing carrot: community members can snap up to 10% equity in the casino, with a minimum investment of just $250.
This offer isn't just a one-off for Bally's; they've played this card before with their equity offer for females and minorities in their under-development property in Chicago. Moreover, locals will have the chance to own a piece of the Bronx casino, with 1% of the property's gross revenue going straight to the community — potentially netting over $10 million annually.
However, not all local lawmakers have been swayed by these incentives. To proceed with the project, Bally's will need support in rezoning the land for commercial use — a task that may prove tricky. Despite the competition with ten rival casino companies, Kim remains optimistic, confident they'll secure the necessary backing.
Opposition to the plan is fierce, with community board 10 voting overwhelmingly against the casino project's plan to rezone part of Ferry Point Park. Even the Bronx Borough President Vanessa Gibson, who convened a hearing on the matter, hasn't made her stance clear yet.
In an effort to appease concerns, Bally's has demonstrated a commitment to the local community. They've already saved Preston High School from closure with an $8.5 million deal, providing the school with a $1 million capital improvement fund. Moreover, they pledge long-term investments in the East Bronx should the casino project be approved, boosting hopes for economic development in the area. Yet, despite these efforts, opposition remains strong due to fears of increased crime and traffic congestion, and loss of parkland.
The future of Bally's casino in the Bronx hangs in the balance. Standing strong amidst the turbulence, Bally's must navigate community concerns while vying for one of three full-scale casino licenses in New York City in a bid worth $2.5 billion. Keep an eye on this exciting development, as only time will tell if Bally's will get a lucky roll of the dice.
Insights:- Bally's Corporation has a history of making significant community investments, notably saving Preston High School from closure with a $8.5 million deal[1][4].- Bally's promises long-term investments in the East Bronx, addressing economic development concerns if the casino project is approved[4].- Sensitive topics that were omitted include a potential side agreement leading to a significant payment to President Trump if Bally's secures a casino license for the site[5].
- Bally's Corporation, in its proposed casino in the Bronx, is offering community members an opportunity to invest, with a minimum investment of $250, resulting in up to 10% equity.
- The potential annual earnings for these local investors could exceed $10 million, as 1% of the property's gross revenue will be directed towards the community.
- Lawmakers' support is crucial for Bally's to rezone the land for commercial use, a task that may prove challenging, given the ongoing controversy and opposing votes from community boards.
- Apart from the casino project, Bally's has demonstrated a commitment to the local community, having saved Preston High School and pledging long-term investments in the East Bronx should the casino project be approved.
- Despite these investments, opposition remains strong due to concerns over increased crime, traffic congestion, and loss of parkland.
- The casino industry's trends, influenced by personalities like those in Las Vegas, could potentially impact the success of the proposed casino in the Bronx.
- Amidst this turbulence, Bally's is steadfast, aiming to secure one of three full-scale casino licenses in New York City, with a bid value of $2.5 billion.
