The Bronx is one step closer to hosting a major casino resort after Bally’s Corporation finalized the purchase of the land earmarked for the project. The Rhode Island-based gaming company completed the $156.6 million acquisition of a 16-acre parcel in Ferry Point Park on February 13th, according to property records, solidifying plans for a $4 billion development that has faced considerable scrutiny and political maneuvering. This acquisition marks a significant milestone in New York’s expansion of gambling, with Bally’s Bronx Casino poised to become one of three new downstate casinos.
The land, formerly the site of the Golf Links at Ferry Point, was previously leased by the Trump Organization. Bally’s first secured the rights to operate the golf course in 2023, and now holds full ownership of the property, paving the way for construction to begin. The deal follows a December decision by New York State regulators to award Bally’s one of three coveted casino licenses, a process that involved intense competition from numerous developers and proposals across the city. The approval process wasn’t without hurdles; the project initially faced opposition from the City Council, but ultimately moved forward after a veto from former Mayor Eric Adams.
A Complex Path to Approval
The journey to securing the license and land for the Bally’s Bronx Casino has been anything but straightforward. In July 2023, the City Council initially rejected a crucial rezoning application necessary for the project to proceed. This decision threatened to derail the entire endeavor, but Mayor Adams subsequently vetoed the Council’s decision, allowing the project to remain viable. The rezoning was essential to accommodate the scale of the proposed development, which includes a 500,000-square-foot casino, a 500-room hotel, a 2,000-seat entertainment venue, and parking facilities for over 4,600 vehicles. The complex is planned to span a total of 3 million square feet.
The acquisition of the land from the city represents the final major hurdle in terms of site control. Bally’s had previously bought out the Trump Organization’s 20-year lease on the parkland in 2023, though the financial details of that transaction were not publicly disclosed. However, reports indicate that Donald Trump is set to receive a $115 million payout now that Bally’s has secured its gaming license, according to The Real Deal.
Competing Visions and a Crowded Field
Bally’s was one of several prominent developers vying for a downstate casino license. The competition included proposals from New York Mets owner Steve Cohen for a “Metropolitan Park” near Citi Field in Queens, and Resorts World NYC, seeking to expand its existing facility at the Aqueduct Racetrack in Jamaica, Queens. Other ambitious plans that ultimately fell short included designs by Bjarke Ingels for “Freedom Plaza” near the United Nations, “The Avenir” near the Javits Center, a Jay-Z-backed casino in Times Square, a proposal for Coney Island dubbed “The Coney,” and MGM Empire City in Yonkers.
The selection process was rigorous, with each applicant required to demonstrate financial stability, community benefits, and a commitment to responsible gaming. As part of the approval process, all three winning bidders – Bally’s, Cohen’s Metropolitan Park, and Resorts World NYC – have agreed to allow independent monitors to oversee their operations and ensure they adhere to their promised community commitments. Each company is also required to pay a $500 million license fee upfront, in addition to ongoing taxes and fees on gaming revenue.
A Shorter License Term for Bally’s
While Bally’s successfully secured a license, the terms differ from those granted to the other two approved casinos. The company’s gaming license is valid for only 15 years, a shorter duration than the licenses awarded to Metropolitan Park and Resorts World NYC. This distinction is tied to the $4 billion investment Bally’s is making in the project, as noted by The Real Deal. The shorter license term may incentivize Bally’s to maximize its return on investment within the allotted timeframe.
Economic Impact and Community Concerns
Bally’s has pledged to invest significantly in the surrounding community, committing over $160 million to improvements at Ferry Point Park and in the Throggs Neck neighborhood. Early plans include new pathways, upgraded playgrounds, and expanded landscaping. Proponents of the project argue that the casino will create thousands of jobs and generate substantial tax revenue for the city and state. However, concerns remain among some residents regarding potential negative impacts, such as increased traffic, noise, and the potential for problem gambling.
The development is expected to transform the area surrounding Ferry Point Park, potentially attracting new businesses and visitors to the Bronx. The casino’s entertainment venue, with a capacity of 2,000, is also anticipated to become a regional draw for concerts and events. The project’s economic impact is a key factor that swayed regulators in favor of granting Bally’s a license, with projections indicating significant revenue generation for the state.
The completion of the land purchase marks a pivotal moment for the Bally’s Bronx Casino project. Construction is expected to commence in the coming months, with an anticipated opening date still to be determined. The project will undoubtedly reshape the landscape of the Throggs Neck neighborhood and contribute to the ongoing evolution of New York City’s gaming industry. The next key step will be the commencement of construction and the ongoing engagement with the local community to address any concerns and ensure the project delivers on its promised benefits.
As the project moves forward, stakeholders will be closely watching the development’s impact on the local economy, traffic patterns, and quality of life for residents. The success of the Bally’s Bronx Casino will likely serve as a benchmark for future casino developments in the state, and its performance will be scrutinized by regulators and the public alike.
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