Bally’s Corp. is proposing a massive $4 billion project that would be focused around a resort and casino in the Bronx. The developer's plans submitted to the New York State Gaming Facility Location Board would make the development the largest private investment that the borough has ever seen.
The proposal calls for a three-million-square-foot resort that includes 500,000 square feet of gaming space, which breaks down to 3,500 machines and 250 table games. Also included will be meeting space, parking to support roughly 4,600 spots and an in-person event center that can fit 2,000 individuals.
Additionally, a $625 million community investment will be a part of the project, which will cover transportation improvements, park and waterfront upgrades and enhancements to public safety.
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Overall, according to Bally's, the plans would generate a $1.9 billion impact across New York State, create almost 4,000 permanent union jobs, 15,000 union construction jobs, attract more than nine million annual visitors and $357 million in yearly tax revenue.
Already, leading banks have backed the project with a $2.5 billion investment.
"This development represents an audacious vision to develop a former and fill and transform it into an economic engine for the Bronx—the borough’s single largest private development," Bally's said in a statement.
"It’s an ideal location: Already a public space surrounded by a 222-acre golf course and a cemetery, bracketed by two major bridges that each carry more than 40 million cars annually, while accessible in less than 20 minutes by Public Ferry from Manhattan’s Upper East Side."
While it's unclear if the New York State Gaming Facility Board will approve the development, it comes as the State Senate green-lighted a redesignation of parking lots from parkland to entertainment use under Steve Cohen's $8 billion investment plan in Queens. The project calls for a casino and sportsbook, along with 450 affordable housing units.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
