Bally’s Pays $156.6 Million for Bronx Parkland to Advance Casino Plans
Bally’s has purchased 16 acres of Bronx city-owned parkland for $156.6 million, marking a major step forward in its $4 billion New York casino
Bally’s has taken its most concrete step yet toward building a casino in New York City. The gaming company purchased a 16-acre parcel of city-owned parkland in the Bronx for $156.6 million, clearing one of the most significant hurdles remaining on the path to its planned $4 billion resort.
This marks one of a few major US projects Bally’s is focused on, including a project that recently broke ground in Chicago.
The Land Deal in Detail
A deed filed in New York City property records confirms that Bally’s acquired the site at 450 Hutchinson Parkway from the New York City government. The transaction went into contract on November 17, roughly one month before the New York State Gaming Commission awarded Bally’s one of three available downstate casino licenses. The deal formally closed on February 13.
The 16-acre parcel sits within the 300-acre Golf Links at Ferry Point in the Throggs Neck section of the Bronx. The land being developed covers parking lots and a practice green area. The course itself was designed by professional golfer Jack Nicklaus and sits at the base of the Whitestone Bridge with sweeping views of the Manhattan skyline and East River.
A Site With a Complicated Past
The land’s history adds notable context to the deal. The Golf Links at Ferry Point was previously operated by the Trump Organization under a 20-year lease with the New York City Parks Department. In September 2023, Bally’s paid the Trump Organization $60 million to take over that lease. However, a separate clause in the original purchase agreement required Bally’s to pay Trump’s company an additional $115 million if a gaming license was approved after the sale, a condition that was triggered by December’s license award.
In effect, Bally’s has now paid for this site twice over, and the land purchase represents yet another financial commitment on top of those prior obligations.
What Bally’s Plans to Build
The proposed development is among the most ambitious casino projects in the country. Bally’s plans to construct a 500,000-square-foot gaming facility as part of a broader 3 million-square-foot complex. The full resort would include a 500-room hotel, a 2,000-person event center, 3,500 gaming machines, and 250 table games.
The company projects the development will generate $1.9 billion in economic impact across New York state. In addition, Bally’s estimates the project will create 15,000 union construction jobs and nearly 4,000 permanent union positions, along with more than 9 million annual visitors.
Political Hurdles Already Cleared
The project has not been without controversy. The New York City Council initially voted against a zoning change needed to convert the parkland for commercial use. However, former Mayor Eric Adams vetoed the council’s decision in July, allowing the project to move forward.
The New York State Gaming Commission subsequently awarded licenses to three downstate projects: Bally’s in the Bronx, Resorts World New York City in southeast Queens, and Metropolitan Park in northeast Queens, the latter backed by Steve Cohen and Hard Rock.
Financing Still to Be Secured
Owning the land outright gives Bally’s significant flexibility as it works to secure project financing. The company may now borrow against the property or sell it to a real estate partner to raise additional capital.
Gaming and Leisure Properties, Bally’s primary landlord, has already expressed interest in participating. However, the REIT expects multiple parties to compete for the opportunity to extend capital to the project. Meanwhile, Bally’s continues to be active on the deal front, having also announced a separate agreement to acquire Sam’s Town Hotel and Casino in Shreveport, Louisiana, just two days before the Bronx land purchase was reported.
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