New York’s casino sweepstakes could put $115M in Donald Trump’s pocket

A high-stakes contest to decide who gets to build a casino in New York City could potentially result in a $115 million jackpot for President Donald Trump.

The Republican stands to win big if state officials award one of three available gaming licenses to Bally’s Corp. (BALY), which wants to open a casino at a city-owned golf course that used to be run by Trump’s company.

In 2023, Bally’s paid Trump $60 million for the rights to operate the public 18-hole course on the Bronx shoreline, near where the East River meets the Long Island Sound.

The gaming company promptly took down the massive “Trump Links” sign that was, at one time, all but impossible to miss for drivers going the Whitestone Bridge, and renamed the course Bally’s Golf Links at Ferry Point.

But under a little-noticed side deal, Bally’s promised to pay Trump another $115 million if Bally’s were to get a license to open a casino on site.

The letter disclosing that deal was included as an evidence exhibit in a trial over New York state’s allegation that Trump habitually lied about the worth of his assets in financial statements given to banks. The letter says the $115 million payment would be nonrefundable and describes it as a “gaming event fee.”

Source: Finance.Yahoo