Bally’s NYC Casino Win a $115 Million Victory for Trump, Company Could Sell Tropicana Rights
Posted on: December 2, 2025, 07:00h.
Last updated on: December 2, 2025, 09:15h.
- 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 would be on the hook for a $115 million payment 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 that 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 the 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 Comments ( 10 )
See the most recent reviews of Bally's Atlantic City on Yelp. That says it all. Does anyone else agree?
Ballys will run out of cash and doesn’t have the money for all of this. Their property in the Bronx will go bankrupt just like Donald Trump bankrupted that golf course.
Bally's Atlantic City is not worth much. I think they bought it for $24 million. I think it is profitable though so they likely will keep it open. I think the online gaming and sports betting will help funnel more profits to Bally's.
mgm is not going to build a casino ,its keeping what it has
To what extent is Bally’s depending on Gaming & Leisure Properties (GLPI) to help finance Bally’s Bronx, Bally’s Chicago and the future Bally’s Las Vegas casino at the former location of the Tropicana? How many of those three Bally’s casino hotel resorts could be completed without the financial assistance from GLPI?
@Margaret Thatcher - While selling Bally's AC would be the best result for everyone (especially the employees there), the only reason I suggested shutting it down is that in the deplorable condition it is currently in, I didn't think anyone would step forward with an offer to purchase it. Bally's is (or soon will be) desperate for cash, and desperation works in favor of the buyer - not the seller. The property needs a complete remodeling, refreshening, and marketplace repositioning. Between the desperation and the necessary improvements, I'm not sure that anyone wants to touch this with a ten-foot pole. Also, I'm not sure that Bally's would sell it at fire-sale prices unless they were VERY desperate. This is happening right now in Las Vegas with the Downtown Grand. The place has tons of potential, and with the right buyer it could be a successful addition to the Fremont Street / Downtown corridor, but no one want to deal with the hassle.
@Margaret Thatcher. So happy "The Iron Lady" mentioned Star Entertainment" Back on 4/8/2025 Bally's Corporation Chairman of the Board Soo Kim is quoted as precisely saying, "The definition of insanity is doing the same thing over again and again and expecting a different result,” Kim said in an interview on Tuesday, declining to specify which executives Bally’s would replace after taking over. “We need to put different executives in there – this particular mix of executives have generated poor operating performance." Now, back to Atlantic City, in October 2024 the former general manager of Bally's AC moved on to be (wait for it...) general manager of of Bally's Twin River Lincoln Casino Resort. Tripadvisor reviews say the rest. Next stop, Bally's Chicago? Not likely.
Why don’t they just sell their property in Atlantic City? Why sell the land in Las Vegas? Las Vegas is a much better market to be in than Atlantic City. Ballys keeps making silly decisions. They will develop a property in the Bronx (a terrible location) plus their property in Chicago (which will fail), but they will sell their land in Las Vegas but keep their property in Atlantic City? On top of all this, how are they going to turn around Star Entertainment in Australia? They have so much on their plate and are biting off way more than they can chew. They should not bother with New York. They should sell their property in Atlantic City, sell their development in Chicago to someone else. Instead they should focus on developing a new resort in Las Vegas and fixing Star Entertainment in Australia. New York is in for a big surprise with Ballys and it’s not going to be a good surprise.
It was sad when Atlantic City lost the AC Hilton and the Showboat. However, when it comes to Bally's, I can see a conga line dancing up and down the boardwalk celebrating its closure. It can't come soon enough and should have happened a long time ago. Bally's will be the third place "also ran" in NYC, won't build anything in Las Vegas before most of us are dead and buried, and will somehow figure out a way to fail in Chicago as well.
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.