Bally’s is offering Bronx residents the opportunity to invest in its proposed casino at Ferry Point, allowing them to hold shares in the gaming facility. The initiative, which would make locals partial owners of the casino, is part of the company’s community benefits plan as it seeks one of New York’s limited casino licenses.
If awarded the license, Bally’s has also committed to allocating at least 1% of its gross casino revenue, estimated at over $10 million annually or $100 million over a decade, to various community programs in The Bronx.
The company plans to fund local schools, PTAs, NYCHA and community housing projects, mental health and substance abuse programs, and BronxNet, the borough’s cable TV outlet. An advisory board appointed by local elected officials would oversee the distribution of these grants.
In addition to financial contributions, Bally’s already operates a free shuttle bus service connecting Ferry Point to other parts of The Bronx.
The company now intends to allow residents to invest in the casino with contributions as low as $250, leveraging funds from the Bally’s Foundation to potentially multiply their returns if the casino performs well.
Bally’s Chairman Soo Kim is implementing a similar investment model for the company’s upcoming Chicago casino, expected to open in 2026.
To apply for a license, Bally’s must first secure approval from the state legislature through an alienation bill, which would redesignate a portion of the parkland at Ferry Point for commercial casino use. The company needs the support of state Sen. Nathalia Fernandez and Assemblyman Michael Benedetto, who represent the area.
“If we can’t get alienation done, we can’t get a casino license,” Kim said, though he expressed confidence in securing the necessary approvals.
Bally’s is competing for one of three casino licenses that will be awarded by the New York State Gaming Commission at the end of the year. The state will begin accepting bids this summer, making legislative approval for land use a crucial step in the process. Mets owner Steve Cohen faces a similar hurdle with his $8 billion proposal for a casino near Citi Field, which also requires the repurposing of designated parkland.
Bally’s proposal for The Bronx includes a 500,000-square-foot casino, a 500-room hotel with a spa and meeting space, retail shops, a 2,000-seat event center, and two parking garages with a total capacity of 4,660 vehicles. The project, if approved, would be among the largest private developments in the borough’s history.
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