Latest News by Industry
NEW YORK (AP) — Gaming giant Bally's paid $60 million to buy the right to operate a public golf course in New York City from Donald Trump's company, the former president's namesake son testified Thursday.
The terms of the lease transfer on the former Trump Golf Links Ferry Point hadn't been disclosed when the deal became public earlier this year. But the price emerged as Donald Trump Jr. was questioned on the witness stand Thursday at the civil fraud trial that's delving into the ex-president's finances and the family business' dealings.
Trump Jr. said the sales price was $60 million, but the Trump Organization had incurred “a lot of costs” over the years, so he wasn't sure of the net profit.
The Trump Organization managed the 18-hole course, which is visible from the Whitestone Bridge and boasts views of the Manhattan skyline, from 2015 until this year. It's now called Bally’s Golf Links at Ferry Point.
A phone message left with a Bally’s media relations representative wasn’t immediately returned.
The lease sale came after the city strove to strip the course of its association with the former president after the Jan. 6, 2021, attack on the U.S. Capitol.
Following the insurrection, then-Mayor Bill de Blasio said he would scrap the contract with the Trump Organization, claiming that Trump had incited the rioters and thus given the city legal authority to do so.
A state judge rejected that argument last year. The ruling would have allowed the Trump Organization to operate the course through the expiration of its lease in 2035.
The Bally's deal was approved by both the city comptroller and the city’s parks department.
Trump Jr. was on the stand Thursday for a second day in the trial of New York Attorney General Letitia James' fraud lawsuit. She has accused the former president, his company and some executives of inflating his net worth on financial statements that went to banks and insurers to secure loans and make deals.
The former president and other defendants, including his elder sons, Executive Vice Presidents Donald Jr. and Eric, deny wrongdoing.
The former president and current Republican 2024 front-runner is due to testify Monday. He reiterated on his Truth Social media site Thursday that he sees the trial as “RIGGED,” a “Miscarriage of Justice,” and “Election Interference.” James and Judge Arthur Engoron are Democrats.
“The Trump Organization is Financially Strong, Powerful, Very Liquid, AND HAS DONE NOTHING WRONG,” Trump wrote.