In a pivotal development for its New York casino aspirations, Bally’s Corp. has seen essential rezoning legislation for its Bronx casino proposal pass both the New York state Senate and Assembly. This legislative victory brings Bally’s a signature away from being able to submit its bid for one of three coveted downstate licenses, though significant funding questions remain.

The rezoning legislation, Senate Bill S7049A, sponsored by Senator Nathalia Fernandez, passed the Senate with a 55-4 vote on Friday afternoon, June 13, 2025. The corresponding Assembly Bill 7514, from Assemblyman Michael Benedetto, cleared that chamber with a 132-2 vote on the same afternoon. Bally’s is now just a signature from Governor Kathy Hochul away from clearing the necessary hurdles to submit its bid by the critical June 27 deadline. The legislative progress has been rapid for Bally’s, especially after the New York City Council only approved the rezoning on Tuesday, as New York’s unique “home rule” system requires local council approval before state legislative action.

Bally’s is proposing a $4 billion casino-resort on its Bally’s Links golf course in Ferry Point, located near the Whitestone Bridge. In recent months, the bid has drawn some local criticism due to its connection to US President Donald Trump. Bally’s purchased the golf course from the Trump Organization in 2023, with the agreement reportedly including an additional $115 million payout clause should the project be granted a casino license. Despite this criticism, the proposal successfully secured three key votes in quick succession. Bally’s did not immediately respond to a request for comment regarding the legislative approvals.

Time Running Out for New York Bids

As New York’s casino bid deadline approaches later this month, the state’s years-long licensing process is beginning to solidify. An initial field of at least 11 comprehensive bids has reportedly been whittled down to eight. Of those, only two are currently ready for immediate submission: a pair of existing racinos located in Yonkers and Queens. Other significant proposals, such as Steve Cohen’s Metropolitan Park proposal in Queens and Bally’s Bronx proposal, have now seen their requisite zoning bills clear the state Legislature but still require Governor Hochul’s final approval before they can be formally submitted.

Meanwhile, all three bids located in Manhattan-Caesars Times Square, Silverstein Properties’ Avenir, and Soloviev Group’s Freedom Plaza-are currently undergoing environmental review processes. These crucial reviews must be completed by September 30, according to the state gaming commission. Lastly, The Coney proposal in Coney Island (Brooklyn) from Thor Equities and other partners faces the most precarious position. That project also requires council approval for a de-mapping application. A public hearing on this subject was held on Thursday by the council’s Subcommittee on Zoning and Franchises, where local figures and residents voiced both support and opposition for the project. However, the item was tabled without a vote. As of Friday evening, the next subcommittee meeting is scheduled for June 26, just one day before the state’s application submission deadline, adding significant pressure to The Coney proposal.

Bally’s Busy Period of Global Projects

For Bally’s, the advancement of its New York casino quest is just one of several major ongoing projects globally. The company is currently racing to complete its $1.8 billion permanent Chicago casino, which is mandated to open by September 2026. Construction on this project recently resumed after being halted by state regulators due to an investigation regarding unapproved contractors.

Additionally, Bally’s is contemplating plans for its site on the Las Vegas Strip, situated next to the ballpark currently under construction for the Las Vegas A’s. Bally’s controversially imploded the Tropicana last October to make room for the ballpark. In exchange for this, the company was granted the right to build a new property on the plot’s remaining acreage. Few details have emerged since then regarding the company’s specific plans, aside from sample renderings that were released shortly after the implosion but were not finalised.

In April, Bally’s also expanded its international footprint by acquiring embattled Australian operator Star Entertainment in a AU$300 million deal, alongside Star shareholder Bruce Mathieson. The two investors have already transferred an initial AU$100 million tranche to Star and await regulatory approval for the remaining amounts. Star is slated to hold a shareholder vote on June 25 to approve the rescue package. Concurrently, The Star is in the midst of federal AML proceedings and could face hundreds of millions in fines from the financial crimes watchdog AUSTRAC.

Funding Questions for New York Venture

Despite the significant legislative progress in New York, questions have been raised regarding Bally’s financial capacity to undertake such a massive venture, even if selected. The Chicago project, while less expensive at $1.8 billion, required a specific funding agreement with Gaming and Leisure Properties (GLPI). As part of that agreement, Bally’s sold and leased back several land parcels to GLPI, including property in both Chicago and Las Vegas, to secure the necessary capital.

In Q1 2025, the company reported cash reserves of $209 million and total debt of $3.43 billion. These figures did not account for any funds related to The Star acquisition, which was announced subsequently. Bally’s stock closed Friday at $9.24, experiencing a 2.6% decline on the session and reflecting a broader trend where its share price has dropped more than 50% year to date.

A New York casino would be particularly costly, and rapidly so. Bally’s would be required to pay an upfront $500 million license fee upon selection. The additional $115 million payout clause to the Trump Organization, tied to the casino license grant, would further increase the pre-construction costs for the project to over $600 million, presenting a substantial financial commitment at the outset.

The legislative approval in New York marks a significant hurdle cleared for Bally’s Bronx casino bid, bringing it closer to the submission deadline. However, the company faces ongoing financial and operational commitments across its global portfolio, raising questions about its capacity to fully fund and execute the ambitious New York project amidst a complex and highly competitive licensing process.