Notably, big cities New York (71.7%), Boston (72%), and Chicago (72.6%) joined the top 10 metros with the highest out-of-market search rates.
The cost of acquiring the vacant 12.43-acre site is $3.9 million. According to its application with the IDA, building and construction is estimated to cost $17,864,850 and equipment costs have been put at $13,136,536.
Bally’s Bronx, as proposed to the New York State Gaming Commission late last month, was to stand approximately 250 feet tall and include a 500,000-square-foot Gaming Facility structure and span more than 3 million square feet.
Bally’s Bronx, as proposed to the New York State Gaming Commission late last month, was to stand approximately 250 feet tall and include a 500,000-square-foot Gaming Facility structure and span more than 3 million square feet.
NEW YORK—The New York City Council’s rejection on Monday of needed land use changes will likely doom Bally Corp.’s plans to develop a $4-billion casino at Bally’s Golf Links at Ferry Point in the Bronx and would therefore reduce the number of contestants for up to three downstate casinos to seven.
The New York City Council voted 29-4 with four abstentions to approve a resolution introduced by Republican East Bronx Councilwoman Kristy Marmorato to reject Bally’s application. Bally’s had not released a statement at press time on its plans going forward, however, Bally’s Chairman Soo Kim called the outcome “incredibly disappointing” in an interview Monday evening, according to a published report. “We had met the council members’ ask in terms of what exceptional community benefits they wanted. That ask was moving the goalposts from the prior ask, which we had met as well,” Mr. Kim said. “It’s sort of nutty. What more can we do than meet the ask?”
Councilwoman Marmorato, who represents the 13th District in the Bronx, in a statement said the City Council protected her community from what she termed was “predatory development.” She stated that she did not succumb to pressure and last-minute offers from Bally’s. “Today’s outcome proves that when we stand united—across party lines and with our constituents—we win,” Ms. Marmorato said.
Bally’s Bronx, as proposed to the New York State Gaming Commission late last month, was to stand approximately 250 feet tall and include a 500,000-square-foot Gaming Facility structure and span more than 3 million square feet. The development also called for a world-class 500-room upscale hotel, 3,500 gaming machines, 250 table games including a poker room, an array of dining and entertainment venues, a state-of-the-art 2,000-person event center, flexible meeting spaces and parking for 4,660 vehicles.
The project, valued at $4 billion, was expected to reach $1.5 billion for the Bronx and $1.9 billion for New York State in economic impact. The facility was projected to deliver $357 million in annual state and local tax revenue and drive more than $200 million in annual in-state purchases of goods and services. The company estimated its community benefits package at $625 million.
The seven other projects competing with Bally’s Bronx for a coveted casino license include the two existing gaming facilities—Empire City Casino in Yonkers and Resorts World New York City casino at Aqueduct Racetrack in Jamaica, Queens. The other applicants are: The Avenir at Hudson Yards in Manhattan; Caesars Palace Times Square at 1515 Broadway in Manhattan; Freedom Plaza at 686 1st Ave. in Manhattan; Metropolitan Park adjacent to Citi Field at Willets Point in Queens; and The Coney at Coney Island in Brooklyn.
Notably, big cities New York (71.7%), Boston (72%), and Chicago (72.6%) joined the top 10 metros with the highest out-of-market search rates.
The cost of acquiring the vacant 12.43-acre site is $3.9 million. According to its application with the IDA, building and construction is estimated to cost $17,864,850 and equipment costs have been put at $13,136,536.
The Dashboard also includes forward-looking analysis on how many households could qualify to buy a median-priced home if mortgage rates fall to 6%.
Under county ownership, the center will be revitalized and developed into a regional destination for live performances, educational programming, and community events.
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