Bally’s proposal for a Bronx casino may face political headwinds, but when locals had their say at the first public hearing on Tuesday night, the majority came out in support.
Hearing highlights: a Bronx-only bid
The event took place at the conference center on 1200 Waters Place, marking Bally’s as the third contender to hold a hearing in New York’s downstate casino race. Of the eight companies competing for just three licenses, Bally’s is the only one representing the Bronx.
The company wants to invest $4 billion to turn Ferry Point—formerly a Trump Organization golf course it purchased in 2023—into a full integrated resort. Chairman Soo Kim has argued the project is the most aligned with the state’s goal of maximizing economic impact.
Unlike recent hearings for MGM Empire City and Caesars Times Square that drew loud criticism, roughly three-quarters of Bronx speakers voiced support. Mayor Eric Adams, who has twice helped keep the bid alive, has framed it as a matter of giving the Bronx a fair shot at new opportunities.
Community outreach and promises
Supporters noted casinos aren’t without flaws, but argued that the largest private investment in borough history should not be turned away.
Earlier this year, Bally’s won goodwill by rescuing Preston High School, purchasing it for $8.5 million through its foundation, leasing it back for $1, and covering repairs. Students and parents testified in gratitude.
Union presence was also strong: Bally’s has pledged 15,000 construction jobs, among the highest in any proposal. Members of IBEW Local 3 were especially visible, praising the company’s commitment to labor.
Opposition: parkland and traffic concerns
Still, not everyone was on board. Critics objected to the use of parkland, arguing Ferry Point was meant for families, not gambling. Others worried about traffic and environmental impacts in a borough with the nation’s highest asthma rates.
Some also accused Bally’s of misleading residents with canvassing materials that failed to mention a casino. The local Community Advisory Committee (CAC) must vote by September 30 on whether the bid proceeds. Bally’s will need four of six votes to stay in the running. The next hearing is scheduled for September 9.
Financial backdrop: growth and debt pressures
Bally’s reported $657.5 million in Q2 revenue, up nearly 6% year-on-year. Casino and resort revenue rose 15% to $393 million, thanks to its merger with Queen Casino & Entertainment.
Interactive revenue in North America jumped 21% to $56.5 million, while international digital operations dropped 10%—a decline tied to asset sales. In July, Bally’s sold its remaining international business to Intralot for €2.7 billion ($3.1B), securing cash to pay down debt.
The company ended the quarter with $174.5M in cash against $3.5B in net debt. Fitch Ratings has cut its rating from B+ in 2021 to B- with a negative outlook, underscoring financial strain.
Chicago IPO as a blueprint
Separately, Bally’s recently closed the first round of its Chicago casino IPO, drawing nearly 1,800 investors, over 1,000 of whom were Chicago residents. Shares were priced from $250 to $25,000, aimed at fulfilling local ownership requirements.
The company plans a similar community IPO in the Bronx, offering up to 9% equity with entry points as low as $250 to $500. Competing bidders Caesars and Soloviev have floated similar programs. Bally’s successful Chicago rollout may now serve as a model for New York.
