NY S07049

Authorizes New York City to discontinue approximately 15.73 acres of Ferry Point Park in the Bronx and sell it at fair market value to Bally's New York Operating Company, LLC for development of a gaming facility with commercial, retail, entertainment, hotel, convention center, golf, and parking uses

Permits alienation of an additional 9.61 acres of parkland for transfer to the NYC Department of Transportation for public roadways, plus a 1.42-acre easement for access road improvements

Requires Bally's to first obtain a gaming facility license under state racing and wagering law, and mandates the city dedicate funds equal to the fair market value of the alienated parklands toward acquiring new parkland or improving existing parks and recreational facilities in the Bronx

Construction of the gaming facility must commence within 15 years of the act's effective date; if not, or if the land is used for purposes other than those specified, the parkland reverts to NYC Parks and the easement terminates

Does not preempt state gaming regulations or NYC's Uniform Land Use Review Procedure (ULURP), and requires compliance with any federal requirements if the parkland received federal funding