Bally’s Corporation cleared a major hurdle Wednesday in its effort to gain a New York City casino license.
Key takeaways
- With help from NYC Mayor Eric Adams, Bally’s received a favorable vote that sends a bill to the state legislature.
- Without the measure, the gaming company’s $4 billion project would likely be dead, but there’s still a long way to go.
- There's opposition to a 500,000-square-foot casino and 500-room hotel at the Ferry Point golf course site.
The gaming operator received a favorable vote to keep its $4 billion Bronx hotel-casino project alive. The New York City Council, by 32-12 with seven abstentions, authorized a rezoning measure for Bally’s Ferry Point golf course.
The “home rule message” is necessary to send a bill to the state legislature that lets Bally’s repurpose public park space for private use.
Had the council voted down the measure, it would’ve likely killed Bally’s licensing attempt.
Bally’s now hopes the parkland declassification bill gets through the statehouse in time to meet a June 27 deadline to submit a permit application. The city plans to award three bids by Dec. 1.
Helping hand
New York Mayor Eric Adams helped Bally’s with a message of support, which meant the City Council only needed 26 votes instead of the usual 34 to approve the measure.
“Mayor Adams supports a fair process with as many competitive casino bids in New York City as possible, each of which would bring good-paying union jobs and an economic boost to the community,” City Hall spokesperson William Fowler told the Bronx Times. “It does not matter which proposal is selected by the state so long as it’s in New York City. We would be supportive of more than one selection in New York City, but that requires more than one competitive proposal.”
Council member Kristy Marmorato, the district’s representative, opposes the casino and voted against it Wednesday, voicing that Bally’s Bronx project “was about political favors and special interest power plays.”
Bally’s plan
Bally’s already spent $60 million to lease the Ferry Point from President Donald Trump with plans to redevelop it as a casino resort. It’ll cost the entertainment company another $115 million if it obtains a license.
The gaming company’s bid includes building a 500,000-square-foot casino, a 500-room hotel, and two parking garages on the city-owned golf course. Bally’s put forward a $625 million benefit package for the community. The company also pledged to replace the parkland, rebuild the course, and add green space improvements to the Ferry Points Park.
Other suitors
There's plenty of stiff competition vying for those three casino permits.
The Genting Group’s MGM Resorts and Resorts World brands are strong contenders. New York City real estate developer SL Green and Roc Nation, rapper Jay-Z’s entertainment group, partnered with Caesars Entertainment for a Times Square bid.
The New York Mets and billionaire Steve Cohen partnered with the Seminole Tribe’s Hard Rock International for an $8 billion Queens project adjacent to Citi Field. The project near the home of the Mets also cleared a major hurdle to get the land approved.
Wynn Resorts withdrew a bid on a Hudson Yards West project in Manhattan last month after receiving "persistent opposition." Las Vegas Sands bowed out in April, announcing it was looking for a partner to move forward with a Long Island casino effort near Nassau Coliseum.
