Bally’s Corp (NYSE:BALY) saw its stock climb more than 9% in early Monday trading after securing one of the highly contested casino licenses designated for the New York City metropolitan area.
The New York State Gaming Commission’s facility location board approved Bally’s plan to develop and operate a casino at a Bronx golf course property formerly built by President Donald Trump.
Two other bidders also received licenses: New York Mets owner Steve Cohen, partnering with Hard Rock International on an $8 billion resort next to Citi Field in Queens, and Genting Group’s Resorts World, which will expand its existing gaming complex beside the Aqueduct racetrack.
These selections move New York State closer to finalizing a 10-year effort to award up to three downstate casino licenses. Formal issuance of the licenses is expected by the end of 2025.
Competition for the approvals was intense, drawing interest from major real estate developers and investors. In total, eight bids were submitted, including proposals for three different Manhattan locations.