Latest news with #KristyMarmorato
New York Times
6 days ago
- Business
- New York Times
Bally's Bronx Casino Plan Appears Dead After Council Rejects Rezoning
The field of competitors for up to three new casino licenses that New York State officials expect to award by year's end appeared to shrink this week after the New York City Council rejected zoning changes essential to one applicant's proposal. The Council, following a tradition of abiding by local members' wishes on land-use matters, voted overwhelmingly on Monday against the rezoning, which the gambling company Bally's would have needed to proceed with its plans for a casino in the East Bronx. The vote was an example of the sway individual council members hold over development in their districts under what is known as 'member deference,' an unofficial veto power that critics say has, among other things, worsened the city's housing shortage. With Bally's now apparently out of the running, the number of applicants vying for the potentially lucrative licenses to operate full-fledged casinos in and around the city has most likely been winnowed to seven. The five remaining city-based contenders — one in Queens, another in Brooklyn and three in Manhattan — have either secured the zoning changes they need from the Council or have proposed plans that would not require site-specific changes. (Existing 'racinos' — horse-racing tracks with slot machines — in Yonkers and Queens have also applied for the licenses.) The 28-9 vote against the rezoning for the Bally's project came on a motion by Kristy Marmorato, the councilwoman who represents the area where the casino would be built and who, in a news release after the vote, characterized it as 'predatory development.' Want all of The Times? Subscribe.
Yahoo
7 days ago
- Business
- Yahoo
Why Bally's (BALY) Shares Are Falling Today
Shares of gaming, betting and entertainment company Bally's Corporation (NYSE:BALY) fell 4.8% in the afternoon session after its bid for a New York casino license was all but ended after the New York City Council rejected the company's land-use rezoning proposal for its planned $4 billion Bronx casino. The council voted 29-9 to disapprove the zoning changes necessary for Bally's to build its proposed casino resort at Ferry Point Park. The project's failure to secure this key approval is a major blow to the company's ambitions to enter the lucrative downstate New York market, for which only three casino licenses are available. Councilwoman Kristy Marmorato, who represents the district, led the opposition, stating the developers "came to the table a little too late, with promises too vague and a process too flawed to rebuild the trust that was already lost in our community." The decision casts significant doubt on the future of the proposed development, which was set to include a 500-room hotel and a 2,000-seat entertainment venue. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Bally's? Access our full analysis report here, it's free. Bally's shares are extremely volatile and have had 49 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. Bally's is down 49.1% since the beginning of the year, and at $9.90 per share, it is trading 55.1% below its 52-week high of $22.07 from November 2024. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story.
Yahoo
08-06-2025
- General
- Yahoo
Rescuers Pull Dozens of People Out of Water After Boat Bursts into Flames in N.Y.C.
First responders in New York City are working to evacuate dozens of people from a boat off the coast of Hart Island in the Bronx after it burst into flames on June 7 The New York City Police Department (NYPD) told PEOPLE that officials are rescuing people from the vessel, which is located in the vicinity of Channel View Road and Soundview Road Local outlets report that at least 22 people have been rescued so farFirst responders in New York City are working to evacuate dozens of people from a boat off the coast of Hart Island in the Bronx after it burst into flames. A spokesperson for the New York City Police Department (NYPD) told PEOPLE that a water rescue is ongoing in the vicinity of Channel View Road and Soundview Road after a vessel caught fire on the evening of Saturday, June 7. Social media footage of the incident obtained by The New York Post shows a large boat with massive pillars of black smoke billowing off of it as it floats in the Long Island Sound. The outlet reported that first responders included both police and New York Fire Department (FDNY) officials. The Post reported that the vessel caught fire sometime after 8 p.m. local time. The chief of staff for New York City Councilmember Kristy Marmorato's Office told News 12 that 22 people had been rescued from the water so far, though the NYPD could not confirm exactly how many people have been rescued. It is not immediately clear what caused the fire. Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. The NYPD's Harbor Unit and Aviation Unit are both on scene, the NYPD told PEOPLE. "It appears rescue efforts are ongoing," the spokesperson added. Read the original article on People
Yahoo
08-06-2025
- General
- Yahoo
Rescuers Pull Dozens of People Out of Water After Boat Bursts into Flames in N.Y.C.
First responders in New York City are working to evacuate dozens of people from a boat off the coast of Hart Island in the Bronx after it burst into flames on June 7 The New York City Police Department (NYPD) told PEOPLE that officials are rescuing people from the vessel, which is located in the vicinity of Channel View Road and Soundview Road Local outlets report that at least 22 people have been rescued so farFirst responders in New York City are working to evacuate dozens of people from a boat off the coast of Hart Island in the Bronx after it burst into flames. A spokesperson for the New York City Police Department (NYPD) told PEOPLE that a water rescue is ongoing in the vicinity of Channel View Road and Soundview Road after a vessel caught fire on the evening of Saturday, June 7. Social media footage of the incident obtained by The New York Post shows a large boat with massive pillars of black smoke billowing off of it as it floats in the Long Island Sound. The outlet reported that first responders included both police and New York Fire Department (FDNY) officials. The Post reported that the vessel caught fire sometime after 8 p.m. local time. The chief of staff for New York City Councilmember Kristy Marmorato's Office told News 12 that 22 people had been rescued from the water so far, though the NYPD could not confirm exactly how many people have been rescued. It is not immediately clear what caused the fire. Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. The NYPD's Harbor Unit and Aviation Unit are both on scene, the NYPD told PEOPLE. "It appears rescue efforts are ongoing," the spokesperson added. Read the original article on People
Yahoo
08-06-2025
- General
- Yahoo
Rescuers Pull Dozens of People Out of Water After Boat Bursts into Flames in N.Y.C.
First responders in New York City are working to evacuate dozens of people from a boat off the coast of Hart Island in the Bronx after it burst into flames on June 7 The New York City Police Department (NYPD) told PEOPLE that officials are rescuing people from the vessel, which is located in the vicinity of Channel View Road and Soundview Road Local outlets report that at least 22 people have been rescued so farFirst responders in New York City are working to evacuate dozens of people from a boat off the coast of Hart Island in the Bronx after it burst into flames. A spokesperson for the New York City Police Department (NYPD) told PEOPLE that a water rescue is ongoing in the vicinity of Channel View Road and Soundview Road after a vessel caught fire on the evening of Saturday, June 7. Social media footage of the incident obtained by The New York Post shows a large boat with massive pillars of black smoke billowing off of it as it floats in the Long Island Sound. The outlet reported that first responders included both police and New York Fire Department (FDNY) officials. The Post reported that the vessel caught fire sometime after 8 p.m. local time. The chief of staff for New York City Councilmember Kristy Marmorato's Office told News 12 that 22 people had been rescued from the water so far, though the NYPD could not confirm exactly how many people have been rescued. It is not immediately clear what caused the fire. Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. The NYPD's Harbor Unit and Aviation Unit are both on scene, the NYPD told PEOPLE. "It appears rescue efforts are ongoing," the spokesperson added. Read the original article on People
