Bally's Expresses Optimism About Potential for Bronx Casino.
Bally's (NYSE: BALY) remains optimistic about obtaining a permit to develop a casino hotel in the Bronx, New York. Last year, the Rhode Island-based casino operator purchased the lease rights to the former Trump Golf Links at Ferry Point for $60 million, with the intention of eventually creating an integrated resort on the property. They renamed the property "Bally Links" to appease the city.
However, the land where Bally's plans to build the gaming venue is classified as parkland, a designation that can only be altered through legislation. Assemblyman Michael Benedetto (D-The Bronx) hasn't yet introduced a bill to change this, stating, "I am still listening to my constituents and hearing their opinions... on the particular issue and weighing which way we should go on that."
The 2024 legislative session in New York recently ended, meaning state regulators are unlikely to decide on the winning bidders for the three New York City-area casino permits until late 2025 or early 2026. This could give Bally's some time to gather support and potentially convince lawmakers to alter the parkland designation.
There is some debate among investors as to where Bally's ranks among the 11 contenders for the three permits, with MGM Resorts International's Empire City in Yonkers and Resorts World New York in Queens being seen as frontrunners. Las Vegas Sands and Wynn Resorts are also considered contenders for the third permit.
Bally's Chairman Soo Kim commented on the company's hopes for the Bronx project in a recent interview, noting that they understand it will take time. Kim is also the largest shareholder of Bally's, having made a takeover bid and working to bring their permanent casino in Chicago to completion. Despite these challenges, Bally's remains enthusiastic about its prospects in the Bronx.
The exact position of Bally's in the race for the three permits is unclear, but many believe MGM Resorts' Empire City in Yonkers and Resorts World New York in Queens are practically assured of winning two of these permits. It's possible that the extra time until a decision may allow contenders like Bally's to build support and influence legislators to change the parkland classification. However, this may be a challenge for Bally's, who are also currently dealing with a takeover bid and their ongoing efforts to complete their permanent Chicago casino. One Bally's shareholder even suggested abandoning their New York plans to conserve resources.
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