This week started with good news from coast to coast for Bally’s Corp, as the operator secured approval for its Bally’s Bronx proposal in New York. It also announced plans for its latest casino resort on the Las Vegas Strip.
In New York, the Bally’s local community advisory committee (CAC) voted 5-1 on Monday to advance its project to state consideration for one of three potential downstate casino licences. This approval came after the CAC requested several changes to the proposal earlier in the month. Bally’s responded to the requests, which appeared to satisfy the committee as the changes were also approved on a 5-1 vote.
CAC member Danielle Volpe was the lone detractor in both votes. Volpe was appointed to the CAC by city council member Kristy Marmorato, one of the biggest opponents of Bally’s Bronx.
The bid will now go before the state’s Gaming Facility Location Board (GFLB). The GFLB has until 1 December to issue a recommendation to the New York State Gaming Commission. From there, the commission will have until 31 December to issue up to three licences.
Along with revenue projections, there are four weighted criteria the board will consider:
- Economic activity (70%)
- Local impact siting (10%)
- Workforce enhancement (10%)
- Diversity framework (10%)
Bally’s Bronx is the third New York bid to advance past the CAC phase, out of eight that began the process. The two racinos – MGM Empire City and Resorts World NYC – were unanimously approved last week. The Coney in Brooklyn is to be voted on later on Monday, while Metropolitan Park in Queens awaits its fate on Tuesday. Manhattan’s trio of Caesars Times Square, Avenir and Freedom Plaza were all rejected.
The New York casino bid that defied odds
It has been a bumpy ride for Bally’s Bronx, but the train kept moving despite various hiccups. The project is steeped in political intrigue, namely in connection to New York City Mayor Eric Adams and US President Donald Trump.
Bally’s bought the project site from the Trump Organization, which would receive a $115 million bonus if Bally’s is granted a casino licence.
Adams, who had federal corruption charges dismissed by Trump, has also boosted the project twice. In the first instance, he lowered the threshold of support needed for a city council vote and he later vetoed another council vote altogether. This allowed the project to reach the CAC phase.
Once it reached the CAC, there were more hurdles. The Bally’s CAC was the only one to request changes by its bidder, and it did so after its two public hearings. The 14 pages of requests touched on essentially every aspect of the proposal. Statements given by committee members explaining their votes seemed to indicate that these last-second concessions helped sway the approval.
“Based on Bally’s engagement to date, I believe they understand the scale of this responsibility they are asking this community to shoulder,” CAC Chairwoman Lisa Sorin said. “We have discussed the following items and expect these to be non-negotiable elements to this project.”
In a statement, Bally’s called the vote “a win for the Bronx” with “lasting benefits” and thousands of jobs.
“We are grateful to the Community Advisory Committee, our local elected officials, small business leaders, unions and the many Bronx residents who shared their feedback throughout this process,” the company said. “The affirmative vote is a clear signal that we’ve been able to address key community concerns and build real momentum together.”
Bally’s looks ahead to Las Vegas
Meanwhile, Bally’s also laid out plans for its long-dormant plot across the country on the Las Vegas Strip, adjacent to the MLB ballpark being built for the Athletics franchise. Details for Bally’s Las Vegas were first publicised on Sunday before the company’s official release Monday.
The sprawling mixed-use complex being proposed would essentially surround the A’s stadium, which is scheduled to open in spring 2028 for that MLB season. Plans call for two hotel towers encompassing 3,000 rooms, a casino, a 2,500-seat entertainment venue and “more than 500,000 square feet of retail, dining and entertainment offerings”. Marnell Architecture is the architect of record and JLL will source dining and retail options.
In a statement, Bally’s Chairman Soo Kim called the project a “once-in-a-generation opportunity to redefine the heart of the Strip”.
Of the 35 acres on the plot, the stadium takes up nine acres, allowing up to 26 acres of future development. The land is owned by Gaming and Leisure Properties (GLPI) and is leased to Bally’s for $10.5 million a year. It was the site of the Tropicana Las Vegas before the property was imploded last October. The stadium is a focal point of the new design and the company said the resort will offer “a VIP experience with direct access to the ballpark”.
Notably, Bally’s offered no cost projections, only saying it is “expected to commence development in the first half of 2026”. In an interview with the Nevada Independent, Kim said his company will take things slowly and see how the market reacts.
“I know we have a lot going on, and we want to move forward,” Kim said. “If demand is slow, then we’ll go slower. We’re not going to build speculatively.”
Walking the purse-string tightrope
Both developments are the latest additions to an already loaded plate for the company. Bally’s has three significant developments in various stages of progress in Chicago, New York City and Las Vegas.
Its $1.7 billion Chicago casino has been beset with delays and is on a tight deadline to open by September 2026. Bally’s Bronx, if approved, would cost another $4 billion. No costs were given for Bally’s Las Vegas. The last two casinos to open on the Strip were Fontainebleau ($3.7 billion) and Resorts World ($4.3 billion).
In addition to its domestic dealings, the operator is also heavily invested in Australia-based Star Entertainment. That company is facing massive anti-money laundering fines from Australian authorities, and its flagship Star Sydney casino has had its licence suspended for multiple years. That suspension was just extended for a further six months.
Bally’s has been on a financial tightrope for quite some time, but it has found relief by leveraging assets. In July, the company sold its international digital business to Intralot in a reverse-merger that netted €1.53 billion ($1.79 billion) in cash to pay down debt. Two weeks ago, Bally’s sold and leased back its Twin River Lincoln casino to GLPI for $735 million, also used to help with liquidity.
In Q2, Bally’s reported $174 million in cash versus total debt of $3.5 billion, although that was several transactions ago.
Bally’s is moving forward with casino plans on both coasts, as its Chicago project also continues.