The Trump Organization recently sold the contract to operate Trump Golf Links Ferry Point in the Bronx to Bally’s casino chain. This deal comes at a critical time for the Trump Organization, as it may be their last successful real estate deal in New York. The sale could potentially exceed $100 million, depending on the fulfillment of certain performance targets.
Despite a recent ruling by New York Judge Anthony Engoron, who found the Trump Organization liable for fraud and threatened to cancel its business licenses, the organization is expected to profit significantly from the Bally’s agreement. The Trump Organization is set to pocket tens of millions of dollars while it appeals the judge’s ruling.
Negotiations between Eric Trump and Bally’s were reportedly tense, with Trump pushing for additional funds. If the negotiations had taken another week or so, the deal may not have occurred in time. However, the deal is still seen as advantageous for Bally’s, as it needed to secure the contract before making a bid for one of New York’s lucrative casino licenses.
Without this agreement, Bally’s would have had to negotiate for the golf contract through a receiver, a process that could have taken months. Bally’s, led by New York hedge fund mogul Soo Kim, is positioning itself for a bid on one of New York’s three casino licenses to be awarded in the coming months.
Representatives from both the Trump Organization and Bally’s have not responded to requests for comment on the deal.