Bally's Attempts to Court Bronx Residents with 10% Equity Share Proposal in New York City Casino Project
Titled: Bally's Wooing the Bronx Community: Equity Offerings and Share Incentives Galore!
Booly's Corporation, a heavyweight in the casino industry, is throwing its hat in the ring for a coveted downstate New York license, and it's pulling out all the stops to woo the local Bronx community. However, the plan has faced fierce resistance due to concerns about increased traffic and crime.
To flip the script, the corporation's chairman, Soo Kim, has announced an innovative offering: locals can snag up to 10% equity in the casino for as little as $250 per person. This approach, while not entirely new — it mirrors their offering of equity in their Chicago under-development property for females and minorities — is certainly intriguing.
To get residents jumping on board, Kim is offering the opportunity to invest in the prospective property that will be stationed on the former Trump Golf Links at Ferry Point. To sweeten the deal, 1% of the property's gross revenue will be allocated to the community, potentially amounting to over $10 million annually.
Despite the alluring incentives, Bally's is facing pushback from some local lawmakers who need to endorse rezoning the land for commercial use. Kim remains optimistic, confident that they'll secure the necessary support and hold their own against ten rival casino companies in the bidding war.
Interestingly, Bally's seems to be honing in on community engagement strategies, as seen in their Chicago casino project. There, they've amended their IPO to prioritize residents and comply with local minority equity requirements. They've even gone so far as to offer multiple share classes and preferential allocations to Chicagoans, all while maintaining legal considerations in the face of a past discrimination lawsuit.
It's unclear, however, if Bally's has yet to iron out similar equity offerings for their Bronx properties. Perhaps, as with their Chicago strategy, the Bronx could see a blend of community investment and local participation to win over the community. Only time will tell as the bidding battle unfolds.
- Bally's Corporation, despite facing resistance, offers locals a minimum investment of $250 to secure up to 10% equity in the casino, reflecting their previous commitment to equity for females and minorities in their Chicago project.
- The proposed property for the Bronx community, situated on the former Trump Golf Links at Ferry Point, offers potential annual gross revenue allocations of 1% to the local community, amounting to over $10 million.
- Lawmakers' approval for rezoning the land for commercial use is essential for Bally's to move forward with their venture, but the corporation's chairman, Soo Kim, expresses optimism about securing the necessary endorsements.
- With ten rival casino companies bidding for the downstate New York license, Bally's is keen to differentiate itself through initiatives like community investment and local participation.
- Bally's may choose to replicate their Chicago methods in the Bronx, prioritizing resident investment and complying with local minority equity requirements, as they have done in the past.
- In the face of a past discrimination lawsuit, Bally's has successfully maintained legal considerations while offering multiple share classes and preferential allocations to Chicagoans, signifying their commitment to community engagement.
- The gambling industry trends and casino culture of Las Vegas may influence Bally's approach to the Bronx project, as they navigate the complexities of the bidding process and community engagement in this new location.
