Bally’s New York Casino Rezoning Clears Legislature
Summary
Bally’s Corporation has made a significant leap in its quest to establish a casino in New York, having passed crucial rezoning legislation in the state legislature. This development could potentially pave the way for a $4 billion casino-resort project at the Bally’s Links golf course in Ferry Point, Bronx.
Key Points
- Bally’s secured state approval for its casino proposal with Senate Bill S7049A and Assembly Bill 7514 passing overwhelmingly.
- The project must now be signed off by Governor Kathy Hochul ahead of the 27 June submission deadline.
- Bally’s aims to develop a $4 billion casino-resort on a golf course purchased from the Trump Organisation in 2023.
- Plenty of competition exists, with at least 11 initial bids dwindling to eight, including Bally’s Bronx proposal and others in NYC.
- Challenges remain regarding financing, especially given the hefty upfront costs and the company’s current debt situation.
Why should I read this?
If you’re at all interested in the future of gaming in New York, this article gives you the scoop on Bally’s plans and the political hurdles they’re leaping over. With a potential $4 billion investment at play, it’s all eyes on how this unfolds. Don’t miss out on the latest buzz!