Bally’s NYC Casino Win a $115M Victory for Trump, Company Could Sell Tropicana Rights
Posted on: December 2, 2025, 07:00h.
Last updated on: December 1, 2025, 08:32h.
- Bally’s recommended for one of three downstate casino licenses
- Should it win one of those permits, it will owe the Trump Organization $115 million
- Regional casino operator wants to build a $4 billion gaming venue in the Bronx
Bally’s (NYSE: BALY) inched closer to landing a New York City casino license Monday and that means a big payday for the Trump Organization.
On Monday, the New York Gaming Facility Location Board recommended that the final three applicants, of which Bally’s is one, be approved for those permits. Should Bally’s get the green light to build a $4 billion casino hotel in the Bronx, it’d be on the hook for a $115 million to the Trump Organization, which is run by President Trump’s son, Eric.
In late 2023, the regional casino operator struck a deal with the president’s business group to acquire the lease on Trump Golf Links at Ferry Point. That agreement included a $60 million payment to the Trump Organization and contained a stipulation Bally’s would pay an additional $115 million to the Trump Organization if a gaming venue is eventually built on the property.
Bally’s made good on its promise to yank the Trump name from the golf course, but the $115 million payment to the Trump Organization isn’t likely to sit well with residents of city where the president is wildly unpopular.
Bally’s Finances Could Be Under Microscope
A case can be made that given Bally’s precarious financial position, it advanced as far as it did in the New York casino competition because rivals dropped out or didn’t make it past the community advisory committee (CAC) stage.
Now, Bally’s finances and ability to tap capital markets will be subject to scrutiny by New York regulators. Analysts believe there are pathways to the regional casino bringing the Bronx casino to fruition, including a possible sale of the operating company (OpCo) rights to the now demolished Tropicana on the Las Vegas Strip.
The license in New York leads us to believe the company will either sell the OpCo at the old Trop site or bring in a partner to help fund the construction in New York,” said Citizens analyst Jordan Bender in a note out Monday. “We expect the heavy spending for the project to occur later in the decade, following the completion of Chicago, whereby the sale-lease-back of Lincoln for $735 million could be utilized to support the construction costs during the heavy spending phase in 2028.”
Between Chicago, Las Vegas, New York, and the takeover of Australia’s Star Entertainment, Bally’s has a lot on its plate and none of those ventures are cheap.
Excellent Execution Required in New York
The New York casino market is expected to be highly competitive and Bally’s will be at the epicenter of that competition because Ferry Point is located just eight minutes from the proposed location of Metropolitan Park in Queens and 25 minutes from MGM’s Empire City Casino in Yonkers.
Additionally, Bally’s namesake casino on the Atlantic City (AC), NJ Boardwalk, like other properties there, could be pinched by new gaming venues in the Big Apple.
“We believe its property in AC will see cannibalization, yet its database will allow it to cross-sell players between the two assets,” adds Bender. “The NYC market will act as one of the largest casino markets in the U.S., yet we believe execution needs to be flawless given the cost of capital, the tax rate (30%), the maintenance capex required, and the competitive landscape in the market.”
Last Comment ( 1 )
Good update, Todd! The mention of Bally's Atlantic City possibly being "pinched" is good, but describing the impact as "could be shuttered" would be far more accurate. Read their customer reviews for Bally's AC. All of them would be a good starting point. Then, do the same for Bally's in Lincoln -- but set aside some extra time for that one.