Bally's Offers 10% Equity Stake to Bronx Residents in Planned Casino

Bally's Corporation is making a concerted effort to win support for its proposed casino project in the Bronx by allowing local residents to purchase shares, potentially owning up to 10% of the establishment. The investment opportunity requires a minimum stake of $250, and Bally's has pledged that at least 1% of the casino's gross revenue, estimated to exceed $10 million annually, will be directed toward community programs, including schools and mental health initiatives. This initiative is part of a broader strategy to engage the community and address concerns about crime and traffic associated with the casino. However, Bally's faces significant challenges, particularly in obtaining state legislative approval to repurpose parkland for commercial use, a process that requires local legislative support. Bally's chairman, Soo Kim, remains optimistic about navigating these hurdles, emphasizing the project's potential economic benefits for the Bronx. This approach mirrors similar community investment strategies the company is pursuing in Chicago.