Bally’s Tries to Win Over Bronx Locals By Offering 10% Equity Stake in New York City Casino

  • Bally’s is offering up to 10% of the proposed casino’s equity to the community
  • People will be able to invest as little as $250 to get a slice of the action
  • Bally’s is also pledging 1% of the property’s gross revenue to local projects
Businessman handing over check
Bally’s is allowing Bronx locals to purchase equity in its proposed NYC casino project. [Image: Shutterstock.com]

Bally’s Corporation is one of the casino companies vying to get a downstate New York license, and it is trying to do anything it possibly can to win over locals. The planned project in the Bronx has been met with stiff resistance in the community over fears about increasing traffic and crime levels.

minimum investment per individual is $250

Bally’s Chairman Soo Kim revealed that the local community can get up to 10% equity in the casino. The minimum investment per individual is $250. This is similar to its offering of equity in its under-development property in Chicago for females and minorities.

In an attempt to incentivize people to support the plan, it is allowing residents to purchase shares in the prospective property that would be located on the former Trump Golf Links at Ferry Point. This is in addition to allocating 1% of the property’s gross revenue going to the community, which could equate to over $10m annually.

Bally’s is facing stiff opposition from some local lawmakers who need to lend their support to rezone the land to allow for commercial use. Chairman Kim is confident it will get the necessary support and proceed with the bidding battle against ten rival casino companies.

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