Bally’s shares soar after winning coveted New York casino license

Published 01/12/2025, 16:38
© Reuters

Investing.com -- Shares of Bally’s Corp are trading over 9% higher early on Monday after the company secured one of three casino licenses in the New York City area.

The New York State Gaming Commission’s facility location board selected Bally’s proposal to operate a gaming facility at a Bronx golf course site previously developed by President Donald Trump.

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The other two licenses were awarded to New York Mets owner Steve Cohen with partner Hard Rock International for an $8 billion casino project next to Citi Field in Queens, and to Genting Group’s Resorts World, which plans to expand its existing casino next to the Aqueduct racetrack in Queens.

Monday’s decisions bring the state near the conclusion of a decade-long process to award up to three casino licenses in New York’s downstate region. The gaming commission is expected to formally award the licenses by the end of 2025.

The licensing process attracted significant interest from real estate owners and developers, with eight total bids submitted, including three for Manhattan locations.

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