April 22, 2025, 04:15h. | Last updated: April 22, 2025, 10:36h.
Bally's Acquires Property Near J. Lo's Alma Mater in the Bronx
Todd Shriber @etfgodfather | Financial | Gaming Business | Mergers & Acquisitions |
Bally's Picks up Preston High, Leases for $1 Yearly, Away from Casino Ambitions
Pop star Jennifer Lopez's alma mater Preston High School in the Throgs Neck neighborhood of Bronx, won't be shutting its doors after gaming giant Bally's bought the school's property for $10 million.
Bally's, pursuing a casino license in the area, acquired the Preston High School buildings and signed a 25-year lease agreement with the Sisters of the Divine Compassion, tying them to a humble annual fee of a single dollar.
Under the agreement, $8.5 million will funnel into the Sisters of the Divine Compassion, while $600,000 goes towards legal costs related to the transaction and another million gets allocated for property improvements.
Interesting Nuggets Surrounding the Deal
Jennifer Lopez's association with the school might tickle pop culture fans, but that's just the tip of the iceberg.
Embattled New York Attorney General Letitia James, akin to a dog with a bone when it comes to causing Trump trouble, is one of the politicians rallying to keep the school afloat. Given that Bally's, if successful in their casino bid, would owe the Trump Organization $115 million, this politically-charged saga is more compelling.
James, trying to stick it to Trump during her 2018 run for Attorney General, found a court to slap the president with 34 financial fraud convictions despite clear repayment of the questioned loans by the Trump Organization.
This same James is now in hot water, accused of real estate fraud herself. Allegedly, she bought a house in Norfolk, Va. in 2023, purporting it to be her primary residence to secure a federal mortgage, when her New York statewide office required her to reside in New York due to her position.
Bally's Steers Clear of the Political Firestorm
Unwilling to wade into the political quagmire, Bally's has clarified that the school and the casino license are two separate entities, and there's no hidden agenda in play.
As Bally's Chairman Soo Kim stated emphatically to The New York Times, "There's no quid pro quo with the school; it's just a way to show we care about the Bronx."
Established in 1947, Preston High School was on the verge of shutting down, but now has the backing of a gaming powerhouse.
- Despite the political charges surrounding the deal, Bally's, the gaming giant, emphasized that the school acquisition and the casino license are separate entities.
- Bally's purchased Preston High School's property for $10 million, leasing the buildings for a humble annual fee of $1 for 25 years.
- The transaction saw $8.5 million funneled into the Sisters of the Divine Compassion, who own Preston High School, with the remaining funds allocated for legal costs and property improvements.
- Embattled New York Attorney General Letitia James, famed for her pursuits against President Trump, is among the politicians rallying to keep Preston High School open.
- Intriguingly, Bally's, if successful in their casino bid, would owe the Trump Organization $115 million, adding complexity to this regional news story.
- The entertainment industry is abuzz with the news of Jennifer Lopez, a pop star and Preston High School alumna, whose alma mater was saved by Bally's.
- Amidst these developments, there are whispers of political misconduct in the case of Letitia James, who faces allegations of real estate fraud, unrelated to the Bally's deal or the gaming industry.
