Bally’s Gives Bronx Residents Opportunity for Ownership in Upcoming Casino
Bronx Proposal Would Now Allow Neighbors To Purchase A Stake In It
Keepin’ It in the ‘Hood
The race for one of the three casino licenses in New York City is starting to look a lot like a high-stakes poker game. And lately, two major players seem to be going all-in.
Steve Cohen’s $8 billion Metropolitan Park project near Citi Field and Bally’s Bronx proposal are making their moves to grab what looks like the last available license in one of the biggest economic markets in the US.
The latest play is a big one. On Monday, Bally’s Corporation announced that they will be offering Bronx residents the opportunity to buy a piece of the action in their proposed casino development at the former Trump Ferry Point golf course.
With this move, Bally’s is hoping to get the support of local residents who want to have a stake, literally and figuratively, in the project.
This casino news follows Cohen’s big win last week when the NYC Council approved zoning changes needed for his casino in New York.
Bally’s Bronx is redefining the public golf experience! Our vision for a world-class golf and entertainment destination is taking shape, bringing luxury, excitement, and innovation to the community.
Stay tuned for more updates as we transform the future of golf in NYC! pic.twitter.com/po6mafyZp4
— Bally’s Bronx (@BallysBronx) February 19, 2025
Bally’s Ownership Wild Card
Bally’s announcement to allow locals to buy into the Bronx project was made Monday during a community forum. This is a big shift in how casino operators are courting public support in this very competitive market.
The proposed “Bronx Partners” program will set aside 10% of the casino ownership for local investors with investments starting at $100. Bronx residents will get priority access to the investment opportunity followed by New York City residents if allocations remain.
Residents will be able to buy into the casino through a specially created investment fund and therefore will have a financial interest in the project’s success. They will also get a proportional share of the profits and special perks at the casino and adjacent entertainment venues.
Mixed Feelings
“This isn’t just about building a casino—it’s about building community wealth and ensuring the economic benefits stay right here in the Bronx,” said Bally’s Chairman Soo Kim.
The company is testing a similar model with a project in Chicago, expected to open in 2026. Meanwhile, the community is responding with a mix of excitement and skepticism.
“This could be revolutionary if executed properly,” said the executive director of Bronx Economic Empowerment Coalition, Marcus Washington. “Or it could be just another empty promise. We’re approaching this with both hope and healthy skepticism,” he added.
“We’re there to be a good neighbor… uplifting the community is a huge benefit”
We’re proud to be a part of the Bronx and are excited to not just be a part of the community, but to help bring opportunities and positive growth for our area. pic.twitter.com/7uHBUMRHQ2
— Bally’s Bronx (@BallysBronx) January 13, 2025
The Final Table
As the deadline for casino applications approaches, both Cohen and Bally’s are looking at the same big pot.
Only three downstate casino licenses will be awarded by year’s end. Industry insiders say two will go to existing racino operators: Empire City Casino in Yonkers and Resorts World in Queens.
That leaves one license up for grabs and both Cohen and Bally’s are going after it.
Same Game, Different Settings
Despite their different approaches, both projects face the same regulatory hurdle: getting a “parkland alienation bill” through Albany.
Cohen’s team has been lobbying hard but State Senator Jessica Ramos is still opposed. Her district includes Citi Field. So far, Ramos has not introduced the necessary gaming regulations. Cohen is in a tough spot despite all the lobbying he invested in last year.
Steve Cohen wants to build an $8 billion entertainment district around Citi Field — complete with public parks, bars, restaurants, a hotel, a casino, and a sportsbook.
Cohen still needs state & city approval (+ a casino license), but the entire project would be privately funded. pic.twitter.com/Dszspgl8ab
— Joe Pompliano (@JoePompliano) February 14, 2025
Bally’s faces a similar situation in the Bronx. The company needs support from key legislators to get its parkland alienation bill through Albany, including State Senator Nathalia Fernandez and Assemblyman Michael Benedetto.
The Next Hand
Both bidders must submit their formal applications to the New York State Gaming Facility Location Board by June 27, 2025.
Each proposal needs approval from a local community advisory committee made up of representatives from the mayor’s office, the governor’s office, the City Council, the state legislature, and the borough president.
At least 2/3 of the committee must vote yes for a project to move forward.
The New York State Gaming Commission will award the three downstate licenses by December 2025. Other competitors include cash casino proposals in Times Square, Hudson Yards (which just got rejected by the community board), and Coney Island.
Empty-Handed?
While Cohen and Bally’s have strong hands, the road ahead is far from clear.
With at least 9 more players still in the game, the competition for New York’s last casino license is intense. But Cohen and Bally’s are special not just for the size of their proposals but for their aggressiveness.
For now, New York’s gambling landscape is a mystery. But with so few licenses to go and no online casino expansion in sight, it’s clear most players will walk away empty-handed.
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