Bally’s offers ownership in proposed casino to Bronx residents
The company said residents would be able to purchase shares if Bally’s is awarded the license.
Key Points
- The proposed facility would be adjacent to the golf course at Ferry Point
- Bally’s would build a 500,000 square foot casino, along with a 500-room hotel
Through an effort to secure a bid for a casino license in The Bronx, Bally’s has offered its residents a piece of the action, according to a report in the New York Post.
The offer would allow residents to purchase shares in the casino entertainment destination, which would be located close to the Ferry Point golf course.
Bronx residents can also invest in the casino, with the likelihood of owing up to 10% of the facility, Bally’s Corp Chariman Soo Kim told the New York Post.
In addition to the share buying offer, Bally’s said it “is pledging that at least 1% of its gross revenues from the casino will go to community benefits programs in The Bronx” if it is awarded the license.
This could generate $10m per year or $100m during the next decade, according to the local report.
Bally’s said it plans to use these funds for NYCHA and community housing, schools and PTAs, mental health and substance abuse programs, and to help support the local cable TV outlet, BronxNet.
Bally’s construction plans for the Bronx site include a 500,000-square-foot casino, 2,000-seat event center, a 500-room hotel with a spa and meeting space and retail shops, as well as two parking garages with up to a 4,660-vehicle capacity.
In addition to pursuing a bid in New York for the Bronx casino license, the company is currently developing its permanent Chicago casino location. Once completed, the venue will be home to 4,000 gaming positions, as well as to an exhibition hall, 500-room hotel, a 3,000-seat theater and 10 restaurants.
Good to know: Bally’s said it anticipates opening the destination by 2026
Until then, Bally’s Chicago is currently operating as a temporary casino at Medinah Temple until the company completes its permanent location.
The temporary casino welcomed its first guests to the property last fall.
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