As part of its proposed casino at the former Trump Links Golf Course, Bally’s will commit to $100m in parkland improvements and expansion alongside other community initiatives, the Bronx Times reported.
The other initiatives include $75m in funding for bus stops, a new overpass over Lafayette Avenue, widening roads and funding to the New York Police Department to improve security around the proposed casino site.
The commitments follow other recently announced community benefits from the proposal, which would allow Bronx residents to own up to 10 per cent of the casino project and dedicated at least 1-percent of casino revenue to local community programs.
The moves came ahead of the Community Board 10 meeting scheduled for Thursday. The board previously planned to vote on whether to approve the project.
Bally’s still needs approval from the state legislature for rezoning of parkland at Ferry Point Park for part of the development and would have to secure one of the three NYC casino licences.
The proposal expects to cover 3,100,000sq.ft and will include a 500-room hotel, retail shops, parking garages and an event center alongside the casino.
The local ownership proposal follows Bally’s planned IPO of a 25 percent stake in Bally’s Chicago casino earmarked for women and minority shareholders.
Bally’s is now looking to sell $195m in private shares for the project after the IPO did not receive approval from the Securities and Exchange Commission earlier this month.
The IPO is the subject of a civil rights lawsuit alleging the offering is racial discrimination against white male investors.
Bally’s chairman Soo Kim said there was significant interest in the IPO before it failed to get off the ground.
Source: Fantini Gaming Report
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