Bally’s Saves J. Lo’s High School with Bronx Land Buy

Posted on: April 22, 2025, 04:15h. 

Last updated on: April 22, 2025, 10:36h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • Bally’s paying $10 million and will lease buildings back to school for $1 per year
  • Deal not related to Bronx casino ambitions
  • Jennifer Lopez is famous alum of the Catholic school

Bally’s is paying $10 million to acquire the buildings of a Bronx Catholic school — a move that will save pop star Jennifer Lopez’s alma mater from closure.

Jennifer Lopez, pictured above. Bally’s is saving her Bronx high school with a $10 million land purchase. (Image: YouTube)

The regional casino operator, which is pursuing a casino license in that borough, is buying the buildings of Preston High School in the Throgs Neck neighborhood and will lease the property back to the school for just $1 annually for 25 years.

Under the terms of the transaction, $8.5 million will go to the Sisters of the Divine Compassion — the Catholic order to which the all-girls school is tied. That group is also receiving $600,000 to cover legal costs tied to the deal. Another $1 million is being set aside to spruce up the property.

The school is located just three miles from Bally’s Golf Links at Ferry Point — the property at which the gaming company is hoping to build a casino hotel.

More Interesting Tidbits About Bally’s Bronx Deal

Alone, the fact that Lopez graduated from Preston High School is interesting, at least to pop culture fans, but there’s more to the story.

Embattled New York Attorney General Letitia James (D) is among the state and local politicians that fought to keep the school open. That’s potentially fascinating because if Bally’s wins one of the three downstate casino permits, it’s on the hook for a $115 million payment to the Trump Organization. That would be on top of the $60 million the gaming company paid to acquire the Ferry Point lease rights from President Trump’s company.

James is a nemesis of the president. During her 2018 run for attorney general, she made litigation against Trump a focal point of her campaign. She made good on that promise, finding a court that found the president guilty of 34 counts of financial fraud despite clear evidence that the Trump Organization repaid in full the loans in question.

Now, James herself is under fire for alleged real estate fraud. Documents indicate she purchased a Norfolk, Va. house in 2023 and noted that would be her primary residence in order to procure a mortgage from federal lenders. Under New York law, her primary residence is required to be in that state because she holds statewide office there.

James’s political “scalps” have a way of resurfacing. Not only did Trump return to the White House, but former Gov. Andrew Cuomo (D), a politician whom James is widely credited with forcing from office, is leading the New York City mayoral race.

Bally’s Bronx Charm Offensive

For its part, Bally’s is steering clear of the political drama. The company is also making clear the move to save Preston High School isn’t related to its casino bid.

“The school is not tied to the license, and there’s no quid pro quo,” Bally’s Chairman Soo Kim told The New York Times. “It’s just a way to show we care about the Bronx.”

The parochial school opened in 1947.