Bronx residents can part-own Bally's new casino venture
Bally’s Corporation is reportedly offering an opportunity for Bronx residents to buy a stake in its planned casino in the northernmost borough of the New York City. Bally’s aims to build stronger community relationships and ensure that the economic rewards benefit more than just the casino floor. According to New York Post, Bally’s Corporation Chairman, Soo Kim, has proposed an unconventional approach to secure local backing for a planned casino in the Bronx: providing up to 10 percent of the casino to residents.
Bally’s casino plans in the Bronx
Bally’s has set its sights on developing a casino on a 17-acre site at Ferry Point in the Bronx. The project includes not just a casino but also a hotel and a multi-use public space. The land, formerly home to Trump Golf Links, is now under Bally’s name. Bally’s is one of a dozen companies competing for a downstate casino licence in New York, and its proposal stands out due to its strong emphasis on community investment.
Bally’s strategy for community buy-in
Bally’s Corporation Chairman, Soo Kim’s proposal allows residents to invest in the Bronx casino for as little as $250. This initiative could make community members direct stakeholders, potentially swaying public and governmental opinion in favour of Bally’s.
A similar equity offer was made in Chicago when Bally’s secured rights to build the city’s first casino. However, legal issues arose when Bally’s limited investments to women and minorities, leading to lawsuits challenging those restrictions. The SEC has also not yet approved the public listing of the shares.
To establish trust in the Bronx community, Bally’s has already implemented a complimentary shuttle bus connection between the planned casino location and other borough regions. This initiative suggests that Bally’s is interested in being inclusive and accessible.
Regulatory hurdles in New York
For the Bally’s Bronx casino project to materialise, the company needs to get the approvals of different government institutions. This includes getting land-use modifications from state lawmakers, approval from the Community Advisory Committee, and a licence from the New York State Gaming Commission. While some Bronx residents might welcome the opportunity to invest in a local casino, others may be sceptical, given Bally’s past issues in Chicago. The success of the investment model depends on clear legal guidelines and public trust.
Albany legislators will play a key role in determining the project’s fate. The land designation process is a significant barrier, and Bally’s will need strong political backing to proceed.
Economic implications of the Bally’s casino in Bronx
A casino in the Bronx has the potential to create thousands of jobs for residents, generate significant tax revenue for New York, and boost tourism and economic activity in the area. Bally’s isn’t the only company eyeing a downstate New York casino licence. Competing proposals, community concerns, and legal roadblocks could slow down or halt Bally’s plans. Offering equity to Bronx residents could make decision-makers more favourable towards Bally’s project. However, execution challenges and regulatory compliance will determine the programme’s success.
