"In late 2022, the Trump Organization ran a golf course in the Bronx, and the Bally's Corporation wanted it to be the site of its next casino. Witkoff helped broker the arrangement: $60 million for Trump's business up front and $115 million if Bally's actually won one of the three licenses to operate a casino in the New York City area."
"It was also a long-shot bet. Eleven bidders, from Jay-Z to Miriam Adelson, were vying for those licenses, which were considered to be worth tens of billions of dollars apiece. Each team would have to clear a "community advisory committee" made up of representatives of local elected officials before a four-person board in Albany picked the ultimate winners by the end of this year."
Steve Witkoff brokered a late-2022 deal transferring a Trump Organization–run Bronx golf course to Bally's for $60 million upfront and $115 million if Bally's wins a New York City casino license. Eleven bidders, including Jay-Z and Miriam Adelson, competed for up to three licenses, each requiring community advisory committee approval and a final decision by a four-person Albany board. Most competitors dropped out or faced local opposition. After Mayor Adams intervened and last-minute dealmaking, Bally's won Bronx community approval and became a finalist, positioning the Trump Organization for a nine-figure payout. Two racetrack-linked bids also advanced, leaving four bids for three licenses.
Read at Intelligencer
Unable to calculate read time
Collection
[
|
...
]