Steve Cohen’s Casino Proposal Faces Political Hurdles Amid NYC Casino Bid Race

Steve Cohen, the billionaire hedge fund supervisor and proprietor of the New York Mets, has intensified his efforts to develop a on line casino and leisure advanced close to Citi Field. His newest proposal, often known as Metropolitan Park, seeks to rework the 50-acre parking zone west of Citi Field right into a vibrant leisure hub that features a on line casino, public parks, and neighborhood areas. However, this formidable $8 billion undertaking faces vital political hurdles because it competes with quite a few different bids for certainly one of New York City’s coveted on line casino licenses.

The Vision for Metropolitan Park

Cohen’s proposed improvement, which he unveiled in new renderings in September 2024, facilities on making a on line casino run by Hard Rock Entertainment. The bigger Metropolitan Park advanced would additionally characteristic 20 acres of public parks, 5 acres of athletic fields, a stay music venue, eating places, and a “Taste of Queens” meals corridor highlighting native distributors. In addition, the undertaking consists of infrastructure enhancements comparable to enhanced roadways, biking paths, and upgrades to the Mets-Willets Point 7-train station. Cohen’s workforce estimates that the event would generate greater than 23,000 jobs, each short-term and everlasting.

Cohen has pledged $163 million towards a “community impact fund” aimed toward supporting native nonprofits in Queens. His proposal is seen as a part of a broader effort to rework Willets Point, an space traditionally related to auto restore outlets and scrapyards, right into a dynamic leisure vacation spot.

Competition for Casino Licenses

Cohen’s on line casino undertaking is a component of a bigger statewide push to difficulty three new on line casino licenses in downstate New York. The competitors for these licenses is fierce, with bids from builders aiming to construct casinos in outstanding places comparable to Times Square, Hudson Yards, and Coney Island. Two of the licenses are anticipated to go to present “racinos” (race tracks with slot machines however no desk video games), which leaves the third license extremely contested.

The stakes are excessive, as New York’s on line casino business is ready to change into a major income generator, and builders are eager to faucet into this profitable market. Cohen goes head-to-head with different highly effective gamers in actual property and gaming, every attempting to supply the perfect financial incentives and neighborhood advantages to safe a license.

Political Headwinds and Local Opposition

While Cohen’s imaginative and prescient for Metropolitan Park has garnered assist from some native politicians, the undertaking is just not with out its critics. The most vital problem comes from state Senator Jessica Ramos, who represents the realm surrounding Citi Field. In May 2024, Ramos introduced her opposition to the on line casino, citing issues from her constituents about shedding inexperienced area within the neighborhood. She has refused to introduce the mandatory “parkland alienation” invoice, which is required to rezone the Citi Field parking zone for improvement.

Without the rezoning invoice, Cohen’s undertaking can’t transfer ahead. However, his workforce stays optimistic. Karl Rickett, spokesperson for Metropolitan Park, has said that Ramos’ opposition is just not an insurmountable impediment. “Any senator could theoretically introduce the parkland alienation bill,” Rickett defined, including that the undertaking has garnered vital assist from different elected officers, unions, and the local people. He emphasised that the method is designed to contain varied stakeholders, making certain that no single individual can halt or approve a undertaking of this scale unilaterally.

Indeed, Cohen’s undertaking has acquired backing from a number of influential figures, together with Queens Borough President Donovan Richards and Assembly Member Jeffrion Aubry. Aubry has launched a parkland alienation invoice in his legislative chamber, and City Council Member Francisco Moya has additionally expressed assist for the event. Despite the political headwinds, Cohen’s workforce is assured that their proposal presents the perfect total bundle for the local people.

The Future of the Project

Although Cohen faces substantial obstacles, the potential financial advantages of his on line casino proposal can’t be ignored. In addition to job creation and neighborhood grants, the event is seen as a approach to revitalize an underdeveloped a part of Queens and generate long-term income for the town. As Cohen and his workforce proceed to push for the parkland alienation invoice, the destiny of the undertaking stays unsure, with selections on on line casino licenses not anticipated till late 2025.

Cohen’s Metropolitan Park is certainly one of a number of proposals vying to safe New York’s extremely aggressive on line casino licenses, and solely time will inform if his imaginative and prescient for a on line casino and leisure advanced close to Citi Field turns into a actuality. While the undertaking’s political challenges are vital, its potential financial influence makes it a powerful contender within the race for New York City’s subsequent main on line casino vacation spot.

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Mets owner Steve Cohen unveils renderings of Citi Field casino and park proposal in Queens, amNY, September 22, 2024