Bally’s Corporation kicked off the week with promising developments, as it secured a significant approval for its Bally’s Bronx proposal in New York and announced ambitious plans for a new casino resort on the Las Vegas Strip. On Monday, the Bally’s local community advisory committee (CAC) in New York voted 5-1 in favor of advancing the project to the state level for one of three potential downstate casino licenses. This approval followed the CAC’s earlier requests for changes to the proposal, which Bally’s addressed to the committee’s satisfaction.
Danielle Volpe, who voted against the proposal, was the sole dissenter within the CAC. Volpe’s appointment came from city council member Kristy Marmorato, a notable critic of Bally’s Bronx. The project now moves to the New York State Gaming Facility Location Board (GFLB), which has a December 1st deadline to make a recommendation to the New York State Gaming Commission. Following this, the commission has until the end of December to issue up to three licenses.
The board’s evaluation criteria include economic activity, which carries the most weight at 70%, along with local impact siting, workforce enhancement, and diversity framework, each accounting for 10%. Among eight original bids, Bally’s Bronx is now the third to move beyond the CAC stage. Previously, MGM Empire City and Resorts World NYC received unanimous approval. Meanwhile, the Coney Island proposal awaited a vote on Monday, with Metropolitan Park in Queens facing a decision on Tuesday. Manhattan’s proposals, including Caesars Times Square, Avenir, and Freedom Plaza, were all rejected.
In a landscape marked by political complexities, Bally’s Bronx stands out. The site for the project was acquired from the Trump Organization, with a $115 million bonus clause contingent upon securing a casino license. Furthermore, New York City Mayor Eric Adams, who previously had federal corruption charges dismissed by Trump, has supported the project by adjusting city council voting requirements and vetoing a council vote to help the project advance.
Despite facing numerous challenges, Bally’s efforts to meet CAC demands paid off, as committee statements indicated that last-minute concessions were key in gaining approval. Bally’s described the vote as a victory for the Bronx, highlighting the job creation and lasting benefits expected from the project. They expressed gratitude to various stakeholders, including community advisory committee members, elected officials, local business leaders, unions, and residents who contributed feedback.
On the other side of the country, Bally’s unveiled plans for a long-awaited project on the Las Vegas Strip. This new development is adjacent to the Major League Baseball ballpark being constructed for the Athletics franchise. Details released on Monday outlined a sprawling mixed-use complex set to encompass the stadium, which is scheduled for a spring 2028 opening. The plans include two hotel towers with 3,000 rooms, a casino, a 2,500-seat entertainment venue, and over 500,000 square feet dedicated to retail, dining, and entertainment. Marnell Architecture is tasked with the design, while JLL will curate dining and retail options.
Soo Kim, Bally’s Chairman, described the endeavor as a rare opportunity to redefine the heart of the Strip. The project utilizes 35 acres, with the stadium occupying nine acres, leaving ample room for further development. The land is owned by Gaming and Leisure Properties (GLPI), and Bally’s leases it for $10.5 million annually. The site was previously home to the Tropicana Las Vegas, demolished last October. The new resort intends to provide a VIP experience with direct stadium access.
While Bally’s has not disclosed cost projections, development is expected to begin in the first half of 2026. Kim emphasized a cautious approach, expressing a willingness to adapt to market demand, stating that the company does not intend to build speculative projects.
Bally’s Corporation is juggling multiple significant projects across the U.S. Its Chicago casino, a $1.7 billion endeavor, has encountered delays yet remains on track for a September 2026 opening deadline. Bally’s Bronx, if approved, would require a $4 billion investment. Although no cost estimates have been provided for the Las Vegas project, the comparison is drawn to the recent openings on the Strip, such as Fontainebleau ($3.7 billion) and Resorts World ($4.3 billion).
Beyond its domestic investments, Bally’s holds a stake in Australia-based Star Entertainment, which is dealing with substantial anti-money laundering penalties from Australian authorities and a suspended license for its flagship Star Sydney casino. This suspension has been extended for six additional months.
Financially, Bally’s is navigating a challenging landscape. However, the company has achieved liquidity improvements by leveraging assets. In July, the sale of its international digital business to Intralot in a reverse-merger generated €1.53 billion ($1.79 billion) in cash, aiding debt reduction. Moreover, a recent sale and leaseback of Bally’s Twin River Lincoln casino to GLPI raised $735 million, further enhancing liquidity.
As of the second quarter, Bally’s reported $174 million in cash against $3.5 billion in total debt, although several subsequent transactions have influenced these figures. Despite the financial balancing act, Bally’s remains committed to advancing its strategic projects and seizing opportunities in key gaming markets.