Bally's Attempts to Gain Support from Bronx Community by Extending 10% Ownership Stake in Upcoming New York City Casino
Step into the buzzing heart of New York City's Bronx district, where Bally's Corporation is playing its big gamble - a lavish casino project on the former Trump Golf Links at Ferry Point. This ambitious project spans a mind-blowing 3.1-million-square-feet, boasting a gaming hall, a luxurious spa, a swanky hotel, and a 2,000-seat arena. Talk about aspiring to be the next Vegas!
Knowing a good strategy in the game of public favor, Bally's Chairman Soo Kim announced an intriguing offer - locals can snatch 10% equity in the casino with a minimal buy-in of $250. Sounds like Wall Street has jumped right into the Bronx! Little wonder, this move mirrors their recent offering of equity in their Chicago project, designed for females and minorities.
But Bally's didn't stop there. Residents in the local community aren't just observers - they have a piece of the action! Yep, you heard it right. They're invited to buy shares in the prospective property, securing a stake in the project that's as good as a royal flush! Adding icing to the cake, Bally's promises to allocate 1% of the property's annual gross revenue, which could fetch them over $10m! Now, that's what I call a winning hand.
But not everyone's selling lotto tickets. A battalion of local lawmakers have raised a red flag. They must lend their votes to rezone the land for commercial use, but Chairman Kim is cool as a cucumber, betting he's got the support to proceed. Bally's is up against ten rivals in the bidding war - this is going to be a high-stakes poker game!
Despite Bally's glittery promises, some community members remain skeptical - particularly about increasing traffic and crime. Ah, the classic concerns that surface when Mr. Luck knocks on the door! But let's keep our fingers crossed for Bally's - after all, it's a tough game out there, with millions and jobs on the line. Game on!
Enrichment Insights:- Bally's Corporation's proposed project includes a large, 3.1-million-square-foot facility, aiming for a gaming hall, spa, hotel, and 2,000-seat arena.- As part of their host community agreement with New York City, Bally's is mandated to allocate at least 25% of the project's equity to minority individuals and businesses.- Bally's saved a Bronx Catholic girls’ school from closure, providing $1 million for capital improvements and covering legal costs associated with the purchase.
The ambitious casino project by Bally's Corporation, situated in New York City's Bronx district, extends beyond just gaming, encompassing a business venture that includes a luxurious spa, hotel, and an 2,000-seat arena. This venture delves into finance, as locals are offered an opportunity to buy shares in the casino, a move mirroring their recent Chicago project's equity offering. Furthermore, the casino-and-gambling industry is intertwined with the local community, as residents have the chance to secure a stake in the project, reminiscent of a favorable hand in a game of poker.
