Bally's Finalizes $156.6 Million Bronx Land Purchase for Casino Development
Bally's has finalized the acquisition of 16 acres in the Bronx, where it intends to construct a major casino and entertainment complex. The property, located at 450 Hutchinson Parkway, was purchased from the New York City government for $156.6 million last week.
The transaction follows the New York State Gaming Commission's decision in December to award the operator one of three highly contested downstate casino licenses. This specific site was formerly parkland leased to the Trump Organization for the operation of a high-profile professional golf course.
Related: New York Board Recommends Three Casino Licenses for City AreaBally's vision for the Throggs Neck property includes a 500,000-square-foot gaming facility integrated into a broader three-million-square-foot commercial development. The comprehensive plans also feature a 500-room hotel and a 2,000-person event center designed to attract both local visitors and regional tourism.
Securing the site required substantial financial commitments beyond the recent purchase price paid to the city government. In 2023, the gaming company paid an undisclosed sum to buy out the remaining 20-year lease held by the Trump Organization with the New York City Parks Department.
The development parcel is situated within the 300-acre Golf Links at Ferry Point, a premier destination originally designed by professional golfer Jack Nicklaus. This strategic purchase marks a pivotal shift for the waterfront acreage from recreational park use to a commercial gaming hub.
The path to ownership was marked by significant legislative friction within the New York City Council. Local lawmakers initially voted against a proposed zoning change that would have facilitated the conversion of public parkland for private casino use.
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Political momentum shifted in July when former Mayor Eric Adams exercised his veto power to override the decision made by local lawmakers. This executive action removed a primary obstacle, clearing the way for necessary votes from relevant committees and the state gaming commission.
The project represents a central component of the planned expansion of the gambling industry in the New York metropolitan area. Bally's secured its position after a multi-year competition that involved several of the world's largest gaming developers vying for limited market access.
The New York State Gaming Commission also selected two other projects in Queens to receive the remaining available downstate licenses. Resorts World New York City secured approval for its facility in southeast Queens, while Steve Cohen and Hard Rock won the rights for Metropolitan Park.
Slated for development in northeast Queens, the Metropolitan Park project will increase the density of gaming options within the city's outer boroughs. These selections conclude a rigorous evaluation process aimed at generating tax revenue and local economic development for the state.
With the deed now officially recorded, Bally's is positioned to begin the transition of the Ferry Point grounds into a multi-use destination. Final construction timelines and design specifications will be the next focus for the corporate group as they move forward. These steps initiate a significant transformation for the Bronx waterfront.
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