Edited by: TJVNews.com

As the high-stakes race for a limited number of downstate New York casino licenses intensifies, Bally’s Corporation has unveiled an ambitious — and unconventional — pitch to secure a coveted spot: inviting Bronx residents to literally own a piece of the action. According to report that appeared on Monday in  The New York Post, the casino giant is proposing a plan that would allow local community members to buy shares in a new gaming facility proposed for Ferry Point, adjacent to its existing golf course — a site formerly operated by the Trump Organization.

The bold pitch includes more than just the promise of economic uplift; it hinges on a strikingly populist concept: neighborhood investment in casino ownership. Bally’s Chairman Soo Kim has said that residents could invest as little as $250, with the potential for substantial returns if the casino performs well — a model he’s also adopting for his Chicago project set to open in 2026. In total, Bronx residents could end up owning as much as 10% of the gaming facility, Kim told The New York Post.

Bally’s isn’t just dangling shares in front of hopeful investors. As detailed in The New York Post report, the corporation is pledging that at least 1% of the casino’s gross revenues will go toward community benefit programs in the Bronx — which could translate into over $10 million annually, or $100 million over a decade. These funds are earmarked for local public schools and PTAs, NYCHA housing developments, mental health and substance abuse services, and BronxNet, the borough’s public access TV station. Distribution of these grants would be overseen by a board appointed by elected officials, ensuring some degree of local control over the funds.

Already, Bally’s is operating a free shuttle bus service between Ferry Point and surrounding Bronx neighborhoods — a gesture meant to illustrate goodwill and accessibility. But the company’s most powerful marketing tool remains the prospect of profit-sharing for local residents, a move designed to set it apart from other casino bidders across New York City.

Despite its expansive vision, Bally’s faces a steep climb. As The New York Post reported, for the project to move forward, the New York State Legislature must first pass an “alienation bill” — a legal maneuver required to convert a portion of public parkland for commercial use. Without such legislation, the entire casino plan would be dead on arrival.

That puts pressure on two key Bronx lawmakers: State Senator Nathalia Fernandez and Assemblyman Michael Benedetto, who would need to champion the bill through Albany’s legislative labyrinth. “If we can’t get alienation done, we can’t get a casino license,” Kim admitted in his remarks to The New York Post. Nevertheless, he remains optimistic, asserting, “we feel like we’re going to get there.”

This legal wrangling mirrors similar efforts by Mets owner Steve Cohen, whose $8 billion proposal for a Flushing Meadows casino next to Citi Field also hinges on alienating parkland — a testament to how critical legislative maneuvering has become in this ultra-competitive bidding process. The state is expected to begin accepting formal casino proposals this summer, with final decisions by the Gaming Commission anticipated later this year.

The proposed Bronx development is massive in scale: a 500,000-square-foot casino complex that includes a 500-room hotel with spa amenities, meeting space, high-end retail stores, a 2,000-seat entertainment center, and two parking garages accommodating nearly 4,700 vehicles, according to the information provided in The New York Post report. If completed, it would be the largest private project ever built in the Bronx, according to Kim.

Yet for all the promises of economic revival and community enrichment, not everyone is convinced. Critics argue that the glossy veneer of economic development belies deeper social costs — and they point to Coney Island as a glaring cautionary tale.

Coney Island: Another “Gambling Mecca” Proposal Rejected by Locals

As The New York Post report also noted, Coney Island is among several other proposed sites vying for a downstate casino — but it has faced a storm of local opposition. Residents in the Brooklyn enclave have voiced vehement concerns about the potential fallout from transforming their community into a gambling mecca.

Opponents in Coney Island argue that a casino would do more harm than good, exacerbating problems such as increased crime, snarled traffic, and the erosion of small business viability. There’s also fears concerning the proliferation of drug dealing and prostitution, often correlated with casino zones in other parts of the country. Perhaps most worrisome is the prospect of a new wave of gambling addiction among young people — a devastating social consequence that no revenue-sharing model can easily undo.

These concerns echo in the Bronx as well. Despite Bally’s promises of shared prosperity, many residents remain skeptical that casino dollars can outweigh the socioeconomic risks. The potential for rising addiction, law enforcement strain, and neighborhood gentrification looms large, even amid talk of stock portfolios and community grants.

While Bally’s Bronx proposal may stand out in a crowded field of casino bidders with its unique equity model and community reinvestment plans, serious questions remain about whether the costs — both social and economic — will outweigh the potential gains. As Coney Island residents have made clear, not every community wants to be a gambling destination, no matter how many millions are promised, The New York Post report indicated.

Ultimately, the decision lies not just with corporate strategists or hopeful investors, but with state legislators and the communities themselves — communities that must weigh immediate economic promises against long-term community well-being.