"With Yonkers' MGM "racino" expansion now off the table for a casino license, Bally's has expressed confidence that its tax structure and financial backing will bring an economic boom to the borough - while downplaying the benefit to President Donald Trump, whose Trump Organization will receive $115 million if the project is approved by the state. Bally's is now one of just three remaining bids recently by their respective Community Advisory Committees (CACs) to proceed through the state approval process."
"In a issued Oct. 14, MGM said it dropped out because its $2.3 billion plan to expand its current facility was no longer financially viable. It blamed "the newly defined competitive landscape" of remaining bids and a change in state law that would likely make it eligible for only a 15-year casino license, not a 30-year license as expected."
"With another competitor out, Soo Kim, chairman of Bally's corporation, is standing firm behind his bid to build a brand-new casino, hotel and entertainment complex in Ferry Point Park and emphasizing its ability to bring long-term economic benefit to the Bronx. The company has a "fantastic balance sheet with more than $1 billion of cash and available credit facilities ready to commit to the project," Kim said in a statement to the Bronx Times. He also pointed to his company's planned investment in Bronx schools, parks, infrastructure, nonprofits, jobs and more, as economic and business development is the $625 million most heavily weighted factor in state license decisions."
Bally's is one of three remaining casino bids under state consideration, proposing a new casino, hotel, and entertainment complex at Ferry Point Park in the Bronx. MGM withdrew its Yonkers expansion after deeming its $2.3 billion plan financially unviable amid a changed competitive landscape and a likely shortened 15-year license. Competing bids include Resorts World NYC in South Ozone Park and Metropolitan Park at a Citi Field parking lot. Bally's cites more than $1 billion in cash and available credit, a favorable tax structure, and planned investments in schools, parks, infrastructure, nonprofits, and jobs. The state will weigh a $625 million economic development factor heavily when selecting winners, expected by year-end. The Trump Organization stands to receive $115 million if Bally's project is approved.
Read at Bronx Times
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