Bally’s Corporation has unveiled an innovative approach to community engagement with its Bronx casino proposal, offering local residents direct ownership opportunities in the gaming facility. This groundbreaking initiative stands out among nearly a dozen operators competing for New York’s limited casino licenses.
New York’s Casino Licensing Landscape
The path to expanded casino gaming in New York began in 2013 when voters approved a constitutional amendment authorizing seven commercial casinos statewide. This plan unfolded in two phases – first establishing four upstate casinos, followed by a waiting period before distributing the remaining three licenses.
In early 2022, Governor Kathy Hochul called for accelerated authorization of these final three licenses, originally scheduled for 2023. This announcement triggered immediate interest from major gaming industry players including Las Vegas Sands, Wynn Resorts, Rush Street Gaming, Hard Rock International, and Bally’s.
The final decision rests with the Gaming Facility Location Board (GFLB), a five-member panel appointed by the governor. However, before the GFLB reviews any application, each project must first secure approval from its Community Advisory Committee and meet all zoning requirements.
Community Ownership: A Revolutionary Approach
We want neighbors to have a vested interest in the proposed gaming facility
Bally’s proposal stands apart through its innovative community investment model. According to Soo Kim, Bally’s Corporation chairman, Bronx residents would have the opportunity to purchase ownership stakes in the casino itself, potentially owning up to 10% of the gaming facility.
“We want neighbors to have a vested interest in the proposed gaming facility,” explained Kim. The investment threshold is deliberately accessible, with residents able to invest as little as $250. The Bally’s Foundation would provide additional financial leverage to maximize returns if the casino succeeds. This represents a significant evolution in casino development strategy, creating direct financial alignment between operators and local residents rather than simply promising indirect benefits.
Substantial Community Benefits Package
Beyond ownership opportunities, Bally’s has committed to directing at least 1% of the casino’s gross revenues toward community benefit programs in the Bronx. This pledge translates to more than $10 million annually – potentially exceeding $100 million over a decade.
These funds would support diverse local initiatives including:
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Educational support for schools and Parent-Teacher Associations
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Housing improvements for NYCHA and community housing developments
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Mental health and substance abuse treatment programs
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Funding for BronxNet, the borough’s local cable television outlet
An advisory board appointed by local elected officials would oversee grant distribution, ensuring resources address genuine community priorities. As a demonstration of good faith, Bally’s has already implemented a free shuttle bus service connecting Ferry Point with other areas of the Bronx.
An Integrated Resort Beyond Gaming
While community benefits form the heart of Bally’s proposal, the physical development represents a massive investment in the Bronx’s infrastructure. Plans center on a 500,000-square-foot casino adjacent to Bally’s golf course at Ferry Point, formerly operated by President Trump’s firm.
The comprehensive development includes:
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A 500-room hotel featuring a spa and meeting spaces
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A 2,000-seat entertainment and event center
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Multiple retail outlets
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Two parking structures accommodating 4,660 vehicles
This integrated resort approach deploys gaming as just one component of a broader entertainment destination designed to generate sustained economic activity across multiple sectors.
Learning from Chicago: Challenges and Opportunities
Bally’s approach to the Bronx casino builds on their experience with a similar economic model in Chicago, where a permanent casino is scheduled to open in 2026.
Early results from Chicago highlight potential challenges. Sixteen months after opening a temporary facility at Medinah Temple, Bally’s generated $63.2 million in new tax revenue – significantly below projections. In 2023, the casino reached just 25% of projected tax revenue, improving to 47% in 2024.
Nearly 70% of Chicago’s revenues came from flat fees Bally’s agreed to pay in 2023 and 2024 as part of their deal with the city. Chicago officials attribute this underperformance primarily to the temporary facility’s limitations, particularly inadequate parking and absence of complementary amenities.
Despite financial challenges, Bally’s successfully delivered on workforce diversity promises in Chicago, with employee demographics closely mirroring the city’s racial composition. This track record may reassure Bronx stakeholders about the company’s commitment to inclusive hiring.
The Evolving Gaming Landscape
Bally’s proposal emerges amid significant evolution in the broader gambling industry. The total iGaming market reached an estimated $97 billion in 2024, with sports betting accounting for 46%, online casinos for 36%, and lotteries for 16%.
According to industry projections, gambling winnings approached $139 billion in 2023 and could reach $266 billion by 2030. This growth trajectory has attracted substantial investment across both traditional and emerging gaming formats.
Cryptocurrency gambling represents a particularly dynamic sector, with crypto bets increasing by 83.6% since mid-2022. Currently, approximately 17% of all iGaming bets use cryptocurrency, though growth has slowed slightly as traditional currency betting continues expanding rapidly.
The crypto gambling market is currently evaluated at around $250 million with substantial growth potential. Slot games lead in popularity, accounting for 52% of gamblers’ preferences, followed by roulette at 25%. Bitcoin dominates crypto gambling transactions at 75%, with Ethereum (9%) and Litecoin (6%) following distantly.
Regulatory Hurdles and Next Steps
Before breaking ground, Bally’s faces significant regulatory challenges. Perhaps most critically, the development requires rezoning part of the land from parkland to commercial use – a process facing intense scrutiny from various stakeholders.
Additionally, while licenses are expected to be awarded before 2026, the application phase continues. According to the New York State Gaming Commission, no formal applications have yet been submitted, as the GFLB continues a question-and-answer period with prospective applicants.
As operators refine their proposals, community feedback will play an increasingly decisive role. Bally’s innovative ownership structure and robust benefits package may provide a competitive advantage in securing local support – critical given the Community Advisory Committee’s ability to veto projects before GFLB review.
Industry Competition Intensifies
As Bally’s advances its Bronx proposal, competition for the three available licenses remains fierce. Many competitors are targeting locations closer to Manhattan’s tourist concentrations and transportation hubs, creating pressure for Bally’s to demonstrate substantial community support for their outer-borough location.
The company’s community-centered approach establishes a new benchmark for how casino developers can structure projects to create meaningful local participation beyond traditional jobs and tax revenue. Whether this innovative model secures them a license remains uncertain, but it has already influenced industry conversations about community engagement strategies.
For Bronx residents, the proposal presents not just potential employment and entertainment options, but a truly unprecedented opportunity to share directly in the financial success of a major development within their community. The coming months will determine whether regulators and community leaders view this innovative approach as sufficient to award one of New York’s limited casino licenses to Bally’s Bronx proposal.
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