Bally’s Corporation has agreed to purchase Preston High School, a Catholic all-girls high school in the Bronx, saving it from certain closure. This philanthropic act comes as the American casino operator continues its fight for one of the three downstate New York casino licenses.
Bally’s Purchased the Property for $8.5М
On April 22, Bally’s Foundation, the company’s charity arm, struck a deal to purchase the Preston High School in Throggs Neck. Thanks to this, the school, which was facing closure, will continue to operate.
The Sisters of the Divine Compassion, who own the school, previously rejected Bally’s offer saying that outside help wouldn’t be sufficient. In an earlier statement, the organization had said that the school would close at the end of the academic year as its operations were no longer sustainable.
However, various parties, including students, parents, teachers and officials convinced the Sisters to accept Bally’s deal. Per the agreement, Bally’s Foundation will purchase the property for $8.5 million. After that, it will lease the property back to the school for a single dollar a year for 25 years with five-year renewals. In addition to that, Bally’s will pay up to $1.6 million for repairs and various fees.
In the meantime, the school will continue to operate independently and will have the right of first refusal if Bally’s Foundation seeks to sell the property. The Sisters will be required to ensure this independence by establishing a new board.
Officials and Alumni Were Relieved
Officials who wished the school to stay open thanked Bally’s for its help in preserving a historic property. For context, Preston High School has served the community since 1947. Assembly member Michael Benedetto called the deal a “tremendous victory for the students” and the Throggs Neck community. Borough prez Vanessa Gibson, on the other hand, said that the deal is a powerful reminder of what the community can achieve.
Attorney General Letitia James, on the other hand, called Preston High School an important community pillar that has educated generations of young women. James thanked everyone who advocated to keep the school open.
Bally’s chair Soo Kim also commented on the matter, saying that the casino company’s support reflects its desire to do what is right, regardless of business concerns.
Supporting institutions like this is central to our belief in being a trusted, long-term partner to the communities we serve.
Soo Kim, chair, Bally’s
The Sisters, however, insisted that Bally’s support would not fix the school’s enrollment and budget setbacks.
Bally’s Fight for One of the Downstate Licenses Continues
In the meantime, Bally’s continues its fight for one of the three downstate New York casino licenses. The company hopes to be selected as one of the license holders and construct a casino hotel in the Bronx. To that end, it has promised to support a variety of projects and has vowed to donate $625 million to the local community.
Additionally, Bally’s has argued that its casino hotel would create many new jobs and serve as a major economic stimulus for the Bronx area. Although many locals support the project, some have expressed concerns about increased traffic, crime and possibly even gaming addiction.
In other news, Bally’s chair Soo Kim recently weighed in on the company’s takeover of Australia’s embattled Star Entertainment Group.