Bally’s Corp moved a step closer to securing a New York downstate casino licence after state lawmakers approved rezoning for its Bronx project.
Bally’s Corp moved a step closer to securing a New York downstate casino licence after state lawmakers approved rezoning for its Bronx project.
On Friday, the New York Senate passed Bill S7049A by a 55-4 vote, with the Assembly following suit in the afternoon, voting 132-2 in favour of its companion bill. The legislation, sponsored by Senator Nathalia Fernandez and Assemblyman Michael Benedetto, paves the way for Bally’s to submit its official bid by the 27 June deadline.
The rezoning approval comes just days after the New York City Council signed off on the plan, a requirement under the state’s “home rule” system. Now the proposal awaits only Governor Kathy Hochul’s signature.
A $4 Billion Bronx Casino Resort
Bally’s has proposed building a $4 billion integrated resort on its Bally’s Links golf course in Ferry Point, near the Whitestone Bridge. The company acquired the property from the Trump Organization in 2023, with a clause that could pay an additional $115 million if a casino licence is granted.
Despite criticism over this Trump connection, Bally’s secured the key approvals needed in quick succession this week.
Intense Competition for Licences
The Bronx project joins a crowded field of contenders for New York’s three downstate casino licences.
- Two racinos in Yonkers and Queens are ready to apply immediately.
- Steve Cohen’s Metropolitan Park project in Queens and Bally’s Bronx proposal both await Hochul’s approval.
- Manhattan bids – Caesars Times Square, Silverstein’s Avenir and Soloviev’s Freedom Plaza – are still under environmental review, with a 30 September deadline for completion.
- The Coney Island bid remains uncertain, still awaiting council approval.
Bally’s Wider Expansion Push
The Bronx plan is part of Bally’s broader growth strategy. The company is building its $1.8 billion Chicago casino, targeted for a September 2026 opening. In Las Vegas, Bally’s demolished the Tropicana last year to clear space for the future Las Vegas A’s ballpark and a potential new property.
Internationally, Bally’s has also agreed to acquire Australia’s Star Entertainment in partnership with Bruce Mathieson for AU$300 million, pending shareholder approval and regulatory clearance.
Questions Over Financing
Bally’s expansion comes with financial strain. The operator reported $209 million in cash reserves and $3.43 billion in debt in Q1 2025, before accounting for the Star deal. To finance its Chicago project, Bally’s sold and leased back land parcels to Gaming and Leisure Properties (GLPI).
Its share price closed Friday at $9.24, down more than 50% year to date, raising questions over whether it can fund the Bronx casino even if it wins a licence.
