Bally’s offers Bronx residents ownership in planned casino

Bally’s Corporation is making a bold move to involve Bronx residents in the development of a proposed casino in the area. The company is offering locals the opportunity to purchase shares in the casino, which would be situated next to its golf course at Ferry Point, previously managed by former President Trump’s firm.

This initiative goes beyond the typical casino experience, as residents would have a stake in the ownership of the gaming facility. In addition to offering shares, Bally’s has pledged to allocate at least 1% of the casino’s gross revenues towards community benefit programs in The Bronx. This commitment amounts to over $10 million annually or $100 million over a decade if the company secures a casino license.

The proposed community benefits programs include funding for schools, PTAs, NYCHA and community housing, mental health and substance abuse initiatives, as well as support for BronxNet, the borough’s cable TV outlet. An advisory board appointed by local elected officials would oversee the distribution of these grants.

As a gesture of goodwill, Bally’s already operates a complimentary shuttle bus service to and from Ferry Point and other parts of The Bronx. Chairman of Bally’s Corp, Soo Kim, highlighted one of the most appealing aspects of the community benefits package, which allows Bronx residents to invest in the casino and potentially own up to 10% of the gaming facility.

Interested individuals could invest with as little as $250 and leverage support from the Bally’s Foundation, offering the potential for significant returns if the casino performs well. Kim has successfully implemented this economic model at his Chicago casino, set to open in 2026.

Kim emphasized that the Bronx casino project would be the largest private undertaking in the borough’s history. However, a key challenge for Bally’s is obtaining state legislature approval for an alienation bill that would allow a portion of parkland to be designated for commercial use as a casino. This legislation is crucial for securing a casino license.

To achieve this, Bally’s needs the support of Bronx legislators, including state Sen. Nathalia Fernandez and Assemblyman Michael Benedetto, who represent the Ferry Point and Throggs Neck area. Without the alienation bill, the casino license cannot proceed, making legislative approval essential for the project’s success.

In a similar vein, Mets owner Steve Cohen’s $8 billion proposal for a casino complex near Citi Field in Flushing Meadows-Corona also hinges on state legislation to repurpose parkland for commercial use. With the state set to accept casino bids this summer, winning the alienation bill is a top priority for Bally’s and other bidders.

At least 11 contenders are vying for the three coveted casino licenses that will be awarded by the state Gaming Commission by year-end. Bally’s ambitious plans for the Bronx site include a 500,000-square-foot casino, a 500-room hotel with spa and meeting facilities, retail outlets, a 2,000-seat event center, and two parking garages with ample space for up to 4,660 vehicles.

The Bronx casino project represents a significant opportunity for the local community to benefit from economic development and investment. Bally’s innovative approach to involving residents in the ownership of the casino sets a new standard for community engagement in gaming facilities. As the state evaluates casino proposals, the success of the alienation bill will be a critical factor in determining the future of the Bronx casino and other ambitious projects in the area.