Bally’s (NYSE: BALY) is reportedly in talks with the Trump Organization – the conglomerate headed by former President Donald Trump’s family – to open a casino-hotel in The Bronx, NY. According to The New York Post, the regional casino operator is mulling the use of a small portion of the acreage near the Trump Golf Links at Ferry Point, which is jointly owned by the Trump Organization and the City of New York. The potential project could create over 15,000 construction jobs and more than 3,500 permanent, high-paying union roles with salaries starting at $70,000, plus benefits and retirement.
The Trump Organization is managed by the President’s two sons, Donald, Jr. and Eric, and is primarily engaged in commercial real estate, high-end golf courses, and luxury hotels – including a 50% interest in the eponymous Las Vegas Strip venue owned by Trump ally and donor Phil Ruffin.
Rumors of Bally’s contemplating a New York casino-hotel began in 2021, suggesting there may be some merit to the speculation on talks with the Trump Organization. The Rhode Island-based gaming operator is the first in the industry to float the idea of a gaming venue in The Bronx, with competitors such as Caesars Entertainment (NASDAQ: CZR) and Wynn Resorts (NASDAQ: WYNN) targeting Manhattan, Las Vegas Sands (NYSE: LVS) focusing on Long Island, and other entities pursuing Brooklyn and Queens.
Trump Golf Links at Ferry Point is situated on land that used to be a garbage dump, yet weekday green fees of $162 and $195 on weekends for New Yorkers belie this intriguing history. In January 2021, former New York Mayor Bill de Blasio – a Democrat – attempted to terminate the city’s contract with Trump relating to the golf course, due to the former President’s supposed criminal involvement in the January 6, 2021 storming of the US Capitol Building. However, a Manhattan Supreme Court judge ruled that de Blasio was wrong to cancel the agreement in April 2022. If it acquires a casino license, Bally’s may move to acquire all of the Ferry Point land in the future, according to The Post.