Bally’s Casino Still Eyes New York Development

In a whirlwind political sprint, Bally’s Corp secured critical legislative approvals in Albany this week, keeping its Bronx casino proposal in play as New York inches toward selecting up to three new downstate casino operators. On Friday, both the New York State Senate and Assembly passed rezoning legislation vital to Bally’s plans, just days after a decisive New York City Council vote.

Now, with the legislative session closed for the year and only Governor Kathy Hochul’s signature left, Bally’s sits on the threshold of submitting a formal bid ahead of the June 27 application deadline. The progress marks a striking turnaround for a project dogged by political scrutiny and financial uncertainties—but its long-term viability remains under question.

At the center of the flurry is Bally’s bid to transform the Ferry Point golf course—formerly managed by the Trump Organization—into a $4 billion casino-resort. Rezoning was a prerequisite, owing to New York’s “home rule” system, which gives local governments influence over land use decisions even when statewide interests are involved.

 

Mechanics / Know Hows

The legislative action was swift and nearly unanimous. Senate Bill S7049A, sponsored by Sen. Nathalia Fernandez, passed 55–4. Its Assembly counterpart, A7514 from Assemblyman Michael Benedetto, cleared that chamber with a 132–2 margin. These approvals followed a crucial city council rezoning decision on Tuesday, making this a rare alignment across local and state jurisdictions—especially in the final hours of the legislative calendar.

The speed and efficiency of these approvals are notable, especially in a process where other high-profile bids remain bogged down in regulatory or environmental hurdles. In fact, Bally’s is now one of only four bids with the legal standing necessary to proceed, joining racino operators in Yonkers and Queens and hedge fund billionaire Steve Cohen’s Metropolitan Park proposal.

 

Understand Bally’s – An Example of High-Stakes Expansion

For Bally’s, the New York playbook is just one page in a broader, risk-laden expansion. The company is concurrently managing a $1.8 billion casino project in Chicago, where construction was recently halted—then resumed—amid regulatory concerns. In Las Vegas, Bally’s is sitting on prime Strip real estate after demolishing the Tropicana to make room for a stadium and future resort, but has yet to commit to a full development plan.

Its international ambitions are growing too. In April, Bally’s acquired ailing Australian gaming operator Star Entertainment in a AU$300 million deal with Bruce Mathieson, though Star remains entangled in ongoing anti-money laundering investigations and potential penalties from AUSTRAC.

 

Why June 27 is Important

All bids for downstate casino licenses must be submitted by June 27, marking a culmination of years of lobbying, real estate maneuvering, and political theater. While Bally’s appears poised to meet that deadline, it’s not alone. Competing projects in Manhattan and Brooklyn, including Caesars Times Square and The Coney in Coney Island, still face unresolved zoning and environmental reviews. For some, the clock may simply run out.

Governor Hochul’s signature now holds outsized influence, and while she appeared at last weekend’s Belmont Stakes—possibly signaling support—her office declined to comment on the Bally’s proposal. Beyond Bally’s, stakeholders include New York lawmakers, local communities, the Trump Organization, and rival casino operators. The project’s link to Trump—via a $115 million payout clause if the casino is licensed—has attracted political blowback, but not enough to derail the momentum.

Meanwhile, Bally’s financial standing raises red flags. As of Q1 2025, the company holds $209 million in cash against $3.43 billion in debt. That doesn’t account for the Star acquisition or the expected $600+ million pre-construction outlay for the Bronx site, which includes a $500 million licensing fee.

Investors are already wary. Bally’s shares closed at $9.24 Friday, down 2.6% on the day and more than 50% year-to-date.

 

This week’s approvals mark a major milestone for Bally’s, but with over $600 million in upfront costs and a competitive field, securing the land was only the first bet—now the real gamble begins.

 

Conclusion

Bally’s rapid-fire success this week illustrates both the high stakes and high velocity of New York’s casino licensing race. With zoning hurdles behind it and just one gubernatorial signature standing in its way, the company may soon file one of the state's most expensive and politically fraught proposals. But the gamble doesn’t end there: with ballooning debts, overlapping mega-projects, and Trump-era baggage still in the picture, Bally’s is betting big—and betting fast—on a future far from guaranteed.