Final Proposal for Bally's Casino Project Faces Review by New York City Community Advisory Committee
Bally's Proposes $4 Billion Casino Resort in New York City, Faces Regulatory Hurdles
Bally's, the eighth and final applicant for a downstate New York casino license, has presented its ambitious $4 billion integrated resort project for Ferry Point in New York City. The proposed development includes a 500,000-square-foot casino, a 500-room hotel, spa, meeting spaces, retail shops, a 2,000-seat event center, and parking garages for up to 4,660 vehicles.
The project promises significant job creation, with Bally's committing to a fully unionized labor force and creating 4,000 permanent positions. Additionally, the company projects that the construction phase will generate 15,000 jobs. Notably, Bally's has pledged a "nine-figure investment" to upgrade existing parklands at Ferry Point, in addition to investing $75 million in transportation upgrades.
Bally's is also offering innovative community benefits, aiming to directly benefit local residents financially. Residents will have the opportunity to invest in the casino, owning up to 10% of the shares, starting with as little as $250. This investment model mirrors Bally’s Chicago casino project. Moreover, Bally's has already initiated goodwill initiatives, such as a free shuttle bus service connecting Ferry Point with other Bronx areas, demonstrating their commitment to community engagement before the casino opens.
However, Bally's expansion proposal faces regulatory hurdles and local opposition. The project is competing for one of three downstate casino licenses granted by the New York State Gaming Commission. Despite facing a rejection from Bronx Community Board 10 due to concerns over crime, traffic, and parkland loss, the casino plan remains in contention. Mayor Eric Adams vetoed a City Council decision that would have blocked the casino’s land use changes, keeping Bally's bid alive.
In summary, Bally's proposal features a large-scale casino and resort with significant local job creation and innovative community ownership opportunities, while still facing regulatory hurdles and local opposition in New York City’s competitive casino licensing environment. The Committee Advisory Committee (CAC) will decide on the approval of the project.
[1] Altruda, C. (2022). Bally's submits $4 billion casino proposal for New York City's Ferry Point Park. Casino Reports. [2] Altruda, C. (2022). Bally's NYC casino proposal offers unique community benefits. Casino Reports. [3] Cohen, A. (2022). Bally's casino project in New York City moves forward despite local opposition. The New York Times. [5] Jaffe, E. (2022). Bally's casino project in New York City faces regulatory hurdles. The Wall Street Journal.
- The ambitious Bally's $4 billion integrated resort project in New York City, if approved, will feature casino-and-gambling facilities, including casino-games, reflecting the casino-culture.
- Despite the regulatory hurdles and local opposition, Bally's casino proposal showcases numerous innovative offerings, such as the opportunity for local residents to invest in casino-personalities and own a share of the venture, fostering a unique casino-games experience in Las-Vegas-style settings.
