How Bally’s Bronx Property Acquisition Paves the Way for a New Casino License | 10BET

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How a $10 Million Bally’s Acquisition Could Fund a New Casino License Project in the Bronx

Bally’s has made headlines by purchasing the Preston High School property in the Bronx for $10 million, a strategic move that signals a major expansion of their footprint in the region. While this investment preserves the legacy of Jennifer Lopez’s alma mater, it also serves as a pivotal step in the companys broader expansion strategy as they work toward securing a formal casino license for the area. This substantial real estate acquisition represents not just a commitment to local history, but a calculated move to pave the way for future gaming operations.

School property
Image by geralt from Pixabay

Acquisition Details

As part of the agreement, Bally’s will lease the property back to Preston High School for a nominal fee of $1 per year over the next 25 years. The breakdown of the investment includes $8.5 million allocated to the Sisters of the Divine Compassion, the religious organization associated with the school, along with $600,000 designated for legal expenses related to the transaction and an additional $1 million for property renovations.

This school is strategically located just three miles from Bally’s Golf Links at Ferry Point, where the company is vying for a casino license. However, both Bally’s and local leaders emphasize that the school’s acquisition is independent of its casino aspirations.

Community Impact and Political Climate

The endeavor to save Preston High School sparked political discussions, especially given Attorney General Letitia James’s involvement. James has publicly championed the school’s continued operation while also maintaining an adversarial stance against former President Donald Trump and his organization.

Bally’s Chairman, Soo Kim, clarified that the acquisition is intended solely as a goodwill gesture to support the Bronx community, distancing the move from their casino bidding process.

Conclusion

This $10 million investment by Bally’s not only secures the future of Preston High School but also enhances its community presence amid ongoing discussions surrounding its casino plans. The commitment to education and community welfare signifies a strategic approach to public relations in the Bronx.