The company fighting to open a casino in the Bronx is really hoping that its neighbors will have a vested interest in the proposed gaming facility.
Bally's offers residents the opportunity to buy shares at a casino adjacent to the Ferry Point golf course, previously run by President Trump's company.
That's right – not just chips, but stocks.
Bally's also pledges that at least 1% of its total revenue from the casino will be sent to the Bronx community benefits program.
The company will fund schools and PTAs, NYCHA and community housing, mental health and substance abuse programs, and will give it to BronxNet, the borough's cable television outlet.
Grant allocations are overseen by an advisory board appointed by local elected officials.
As a sign of goodwill, Barry already operates a free shuttle service between Ferry Points and other parts of the Bronx.
However, one of the most appealing features of the community benefits package is that Bronx residents are likely to invest in casinos and own up to 10% of their gaming facilities.
Customers could invest just $250 and get leverage from Barry's foundation. So, if the casino works well, you can make a lot of money.
Kim uses the same economic model at his Chicago casino, which is scheduled to open in 2026.
He also claimed that the casino would become the biggest private project ever in the Bronx.
A major hurdle Bally has to clarify is passing a marginalization bill to the state legislature that redesigns parts of the park it occupy for commercial use as casinos.
To do this, Kim needs to implement such measures and pass the two Bronx lawmakers representing the Ferry Point and the Sloggsneck area (State Sens. Nasalia Fernandez and Michael Benedetto).
“If we don't end the alienation, we won't be able to get a casino license,” Kim said.
But “We feel we're going to get there,” he added.
Mets owner Steve Cohen's $8 billion proposal also requires state law to reuse vacant lots designated as parklands for commercial use, as well as a proposal to build a casino complex next to Citifield in Flushing, Meadows Corona.
The state began accepting casino bids this summer and began acquiring alienation bills.
At least 11 bidders are serving as jockeys to win at least three coveted casino licenses awarded by the state's gaming board at the end of this year.
There will be Barry's plans to build a 500,000-square-foot casino on the Bronx Site, as well as a 500-room hotel with spa and meeting spaces, retail stores, a 2,000-seat event centre and two parking garages with capacity of up to 4,660 vehicles.
