NEW YORK (BLOOMBERG) -- Bally’s Corp.’s proposal to build a $4 billion casino in the Bronx gained the support of a local committee, advancing its bid in the fight for a coveted downstate New York gaming license.
With the support from the committee, Bally’s pitch for a casino at Ferry Point will be considered by the New York Gaming Facility Location Board, which is expected to grant as many as three licenses to build full-scale casinos in the greater New York City area by December. The support confirms an earlier Bloomberg News report that certain local and state officials were expecting to back the project.
The proposal by Bally’s, which operates casinos throughout the US and UK, is the third out of six to pass local community committees so far. Last week, local groups approved proposals from MGM Resorts International and Genting Group.
If Bally’s secures a license, the Trump Organization stands to benefit. President Donald Trump’s family business sold Bally’s the land on which the project is based and is expected to get a $115 million payout if the project succeeds, according to testimony made public in a civil trial involving the president. The golf course at the site used to be branded Trump Golf Links at Ferry Point Park.
Ahead of the vote, a spokeswoman for New York Mayor Eric Adams told Bloomberg that he supports all of the casino bids in the five boroughs. Governor Kathy Hochul, whose representatives on local committees have voted to advance all bids that have gone up for votes so far, “hopes to see as many proposals as possible advance to the next stage of review,” spokesperson Sean Butler said in an email.
Bronx Borough President Vanessa Gibson, who also has a representative on the committee, was in favor of giving a casino in the Bronx a chance to advance to the next stage of the process, according to a person familiar with her thinking.
Assembly Member Michael Benedetto, another elected official represented on the committee, told Bloomberg before the vote that he wanted his representative to vote yes.
“I understand the arguments that people make against it, that there might be some more traffic or there might be some environmental problems,” Benedetto said ahead of Monday’s meeting. “I believe, in the end, give the Bronx a chance” and let the gaming regulators decide.
Bally’s shares rose after Bloomberg News reported that a majority of those community representatives had decided to support the project. The stock was up about 6.6% to $11.50 at 10:39 a.m. in New York Monday after the vote.
The project would be the largest private development in the Bronx, according to documents presented to the local committee. Bally’s is pitching a resort with a 500-room hotel and 2,000-seat entertainment center, according to its application materials. The company says the project would entail 15,000 union construction jobs and 4,000 permanent union jobs, according to its website.
Three proposals that would’ve placed a casino in Manhattan were rejected earlier this month. Two more projects are coming up for a community vote, including a hearing later on Monday for the Coney Island bid.
The Coney Island proposal, backed by companies including Thor Equities, is expected to be rejected after three members of the community advisory committee said they would vote no, according to Brooklyn Paper.
On Tuesday, a community group is expected to decide on a pitch from Steve Cohen and Hard Rock International Inc. for a project located next to Citi Field in Queens.
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