A deal between Bally’s and the Trump Organization to take over Trump Links, a New York City public golf course, has reached a standstill, according to a local report in the New York Post. Sources said Bally’s has not been able to gain approval for a license transfer from the New York City Parks Department.
The license transfer is necessary for Bally’s to move forward with its intended casino project at the public golf course.
The transfer is subject to a 40-day city approval process, according to the local report. However, Bally’s must place its casino bid during the next six weeks, local sources said.
The Trump Organization has agreed to transfer 17 acres of the golf course property over to Bally’s. The company will hold the current license for the next 12 years, pending the transfer approval. To secure the casino license, Bally’s will need rights to operate on the grounds for 70 years.
Local sources told The Post that the Parks Department has never approved a license for that length of time.
A Parks Department spokesperson said, “Upon receipt of any assignment proposal, Parks follows our standard procedure to vet the proposal to determine whether it is in the city’s best interest and should be approved.”
Bally’s has not commented on the situation at this time.
Bally's Corporation recently completed its transaction with a Chicago real estate private equity firm to secure the 30-acre property that is currently home to Tribute Publishing Center. The investor acquired the land for $200m.
Bally’s entered a land lease agreement with the investor for the property, which is the future site of Bally’s Chicago casino.
The company recently took another step forward with the project by signing a multi-project labor agreement (PLA) with both the Chicago & Cook County Building & Construction Trades Council (CCBT) and the AFL-CIO Building and Construction Trades Department.
