Introduction to Bally’s Casino Bid
With Yonkers’ MGM "racino" expansion now off the table for a casino license, Bally’s has expressed confidence that its tax structure and financial backing will bring an economic boom to the borough — while downplaying the benefit to President Donald Trump, whose Trump Organization will receive $115 million if the project is approved by the state. Bally’s is now one of just three remaining bids recently approved by their respective Community Advisory Committees (CACs) to proceed through the state approval process.
Remaining Bids and Their Proposals
The other two bids, both in Queens, are Resorts World NYC in South Ozone Park, which would expand its existing "racino," and Metropolitan Park, which would transform part of a Citi Field parking lot into a hotel-casino complex and public park. The winners are expected to be chosen by the end of the year. In a statement issued Oct. 14, MGM said it dropped out because its $2.3 billion plan to expand its current facility was no longer financially viable. It blamed "the newly defined competitive landscape" of remaining bids and a change in state law that would likely make it eligible for only a 15-year casino license, not a 30-year license as expected.
Bally’s Confidence in Its Bid
With another competitor out, Soo Kim, chairman of Bally’s corporation, is standing firm behind his bid to build a brand-new casino, hotel and entertainment complex in Ferry Point Park and emphasizing its ability to bring long-term economic benefit to the Bronx. The company has a "fantastic balance sheet with more than $1 billion of cash and available credit facilities ready to commit to the project," Kim said in a statement to the Bronx Times. He also pointed to his company’s $765 million planned investment in Bronx schools, parks, infrastructure, nonprofits, jobs and more, as economic and business development is the most heavily weighted factor in state license decisions.
Proposed Gaming Tax Rates
The company also shared its proposed gaming revenue tax rates exclusively with the Bronx Times, offering a glimpse into what a Bally’s casino would bring in compared to the two Queens bids. Bally’s shared that it submitted to the state tax rate of 30% on slot machines and 10% on table games — somewhat higher than the required minimum of 25% on slot machines and 10% on table games. Bally’s tax plans represent a middle ground between Metropolitan Park, which proposed the minimum rates, and Resorts World, which proposed 56% for slot machines and 30% for table games.
Community Investment and Benefits
Bally’s said its gaming tax rates would "strike the right balance — strong, dependable revenue for New York and the Bronx, while keeping the project competitive and sustainable for decades to come to support our Community Benefit Fund and associated commitments in perpetuity," said Christopher Jewett, senior vice president of corporate development, in a statement emailed to the Bronx Times. "This framework is built around good union jobs, local procurement, and lasting neighborhood investment and it reflects our commitment to transparency and accountability as the state evaluates the remaining bids," Jewett said.
Concerns and Controversies
While there is no guarantee the state will award all three possible licenses for the New York City area, the odds for Bally’s have only increased with MGM out of the picture. But some, including Yonkers Mayor Mike Spano, questioned MGM’s real reason for dropping out. In an Oct. 14 Instagram post, Spano said the decision "defies all logic" and called for Gov. Kathy Hochul to investigate whether or not President Donald Trump interfered in the deal. The proposed Bally’s casino would be partially situated on the golf course it purchased from the Trump Organization in 2023.
Local Reception and Opposition
While the project has received widespread support from borough officials, including the Bronx borough president, Bronx city council members and East Bronx representatives in the State Assembly and Senate, it has received strong opposition from the immediate Throggs Neck neighborhood and its Republican council rep, Kristy Marmorato. Despite Bally’s promised investments, many East Bronx residents remain unconvinced that Bally’s can mitigate increases in crime, traffic and pollution that could result if the casino is built.
Conclusion
In conclusion, Bally’s has expressed confidence in its bid for a casino license in the Bronx, citing its strong financial backing and proposed gaming tax rates. However, the project has faced opposition from local residents and controversy surrounding its connection to President Donald Trump. The coming months will be a waiting game for Bally’s, Metropolitan Park, and Resorts World as they await the state’s decision on the casino licenses.
FAQs
Q: What is the current status of Bally’s casino bid?
A: Bally’s is one of three remaining bids approved by their respective Community Advisory Committees (CACs) to proceed through the state approval process.
Q: What are the proposed gaming tax rates for Bally’s casino?
A: Bally’s has proposed a tax rate of 30% on slot machines and 10% on table games.
Q: How much will the Trump Organization receive if Bally’s is awarded a license?
A: The Trump Organization will receive $115 million if Bally’s is awarded a license.
Q: What are the concerns surrounding the project?
A: Local residents are concerned about potential increases in crime, traffic, and pollution, while others have questioned the connection between Bally’s and President Donald Trump.
Q: When is the state expected to make a decision on the casino licenses?
A: The Gaming Facility Location Board is expected to recommend up to three winners by Dec. 1, after which the Gaming Commission will grant licenses by Dec. 31.
