The Trump Organization’s deal to unload the Trump Links golf course in the Bronx may end up being its last successful New York real estate deal – and just in the nick of time, sources told On The Money.
As first reported by The Post, the ex-president’s company earlier this month sold the contract to operate Trump Golf Links Ferry Point in the Bronx — a 20-year lease struck in 2015 — to the Bally’s casino chain.
While terms weren’t disclosed, the price of the deal could end up exceeding $100 million depending on whether certain performance targets are met, sources close to the situation told The Post.
That’s despite this week’s surprise ruling from New York Judge Anthony Engoron, who on Tuesday found the Trump Organization liable for fraud and said he would cancel its business licenses.
Whatever the final outcome, the Trump Organization is poised to pocket tens of millions of dollars from the Bally’s agreement, even as it appeals the judge’s ruling, sources said.
Eric Trump was bargaining up to the last minute with Bally’s for extra money and if the negotiations had gone on another week or so a deal might not have happened in time, sources said.
The deal also remains a good one for Bally’s despite Trump’s weakened position, according to sources close to the situation. That’s because Bally’s needed to secure the contract before making a bid for one of New York’s three lucrative casino licenses that will be due by the spring.
Otherwise, Bally’s – run by New York hedge fund mogul Soo Kim – would have been forced to bargain for the golf contract from a receiver – a process that could have taken months if this deal had not just closed, sources said.
Reps for the Trump Organization and Bally’s didn’t respond to requests for comment.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
