Bally’s Saves Preston High School from Closure Amid NY Casino License Bid
Bally’s Corporation has stepped in to save Preston High School in the Bronx from shutting down, demonstrating its commitment to community welfare as it vies for one of New York’s downstate casino licenses.
Bally’s Foundation Buys Preston High School for $8.5 Million
In a significant philanthropic move, Bally’s Foundation— the charitable arm of Bally’s Corporation—has agreed to purchase Preston High School, an all-girls Catholic institution in Throggs Neck, Bronx, for $8.5 million. The school had been slated for closure due to financial instability and declining enrollment.
Originally hesitant, the school’s owners, the Sisters of the Divine Compassion, reconsidered after mounting pressure from parents, students, faculty, and local officials. The final agreement allows Preston High School to continue operating independently while Bally’s leases the property back to the school for just $1 per year over a 25-year term, with optional five-year renewals.
To ensure the longevity of the school, Bally’s will also contribute up to $1.6 million for building repairs and assorted fees. As part of the agreement, the school will have the right of first refusal should Bally’s ever choose to sell the property in the future.
A Community Victory
This deal has been met with relief and celebration from across the community. Since its founding in 1947, Preston High School has played a vital role in educating generations of young women. New York Assembly member Michael Benedetto hailed the agreement as a “tremendous victory for the students and the Throggs Neck community.” Similarly, Bronx Borough President Vanessa Gibson emphasized how the deal highlights the power of collective action and community support.
New York Attorney General Letitia James also praised the school’s legacy, referring to it as an “important community pillar” and expressing gratitude to everyone who advocated for its continuation.
Bally’s Stands by Its Community Commitment
Commenting on the matter, Bally’s chair Soo Kim affirmed that the corporation’s involvement stems from a deeper mission:
“Supporting institutions like this is central to our belief in being a trusted, long-term partner to the communities we serve.”
Despite acknowledging that Bally’s contribution won’t completely solve the school’s enrollment or budgetary challenges, the Sisters welcomed the lifeline offered through this unique partnership.
Bally’s Eyes a Downstate Casino License
The timely rescue of Preston High School aligns with Bally’s broader strategy as it pursues one of three downstate New York casino licenses. The company aims to construct a casino and hotel in the Bronx, promising to invest $625 million into community development projects.
In its pitch to regulators and local stakeholders, Bally’s has pledged that the proposed casino would generate thousands of new jobs, boost the local economy, and enhance the area’s infrastructure. While there’s substantial local support, some residents have raised concerns about potential issues such as traffic congestion, crime, and gambling addiction.
Meanwhile, Bally’s chair Soo Kim has also been active on the international stage, recently addressing the company’s takeover of Australia’s troubled Star Entertainment Group, further highlighting Bally’s expanding global footprint.