Bally’s proposed casino resort in the Bronx has advanced to the final step in the approval process to receive a commercial casino licence in New York, while The Coney’s bid was rejected.
The Bally’s Bronx bid was approved Monday by its Community Advisory Committees (CAC) by a vote of 5-1 and now advances to the New York Gaming Facility Location Board.
Spanning more than 3 million sq. ft, Bally’s Bronx will include a 500,000 sq. ft gaming space featuring 3,500 gaming machines, 250 table games including a poker room, alongside a 500-room hotel and an array of dining and entertainment venues, and a 2,000 capacity event centre.
The casino resort is forecast to generate $1 billion in gross gaming revenue (GGR), $1.5 billion in total revenue, and more than $200 million in direct gaming taxes annually.
Bally’s Bronx becomes the third applicant to advance to the last round in the casino bidding process, joining Resorts World New York City in Queens and MGM Empire City in Yonkers.
Three rival casino bids in Manhattan were rejected by their CACs last week, while yesterday also saw The Coney’s $3.4 billion casino proposal rejected by its CAC by a vote of 4-2.
Proposed by Thor Equities in partnership with The Chickasaw Nation and Saratoga Casino Hotel, The Coney would have been a 1.4 million sq. ft entertainment complex based on Coney Island, including a casino with three main floors of gaming.
The casino failed to win the support of locals, however, who argued that the project did not offer enough benefits to the community, with three committee members having already declared their opposition to the project last week.
The CAC vote on the final New York applicant, Metropolitan Park in Queens, will be held tomorrow.
Metropolitan Park would be developed by New York Mets owner Steve Cohen in partnership with Hard Rock International.
Shares in Bally’s Corporation (NYSE:BALY) closed 6.13 per cent higher at $11.42 per share in New York following the news Monday.