Bally's Bronx Casino Math: $4B Bet at a 7.1% Implied Yield on $1.5B Revenue
Bally's just closed $157M for 16 acres of former golf course in the Bronx, locking in the land for a $4 billion integrated resort. The per-key cost on the hotel component alone is interesting, but the capital stack behind the whole project is where this story gets uncomfortable.