Billionaire Steven Cohen and Hard Rock join forces for an ambitious $8 billion casino resort project
In the bustling city of New York, the race for one of three available downstate casino licenses is heating up. Among the contenders is Steve Cohen's Metropolitan Park proposal, situated next to Citi Field in Queens.
Steve Cohen, an American hedge fund manager, founded S.A.C. Capital, now known as Point72 Asset Management, in 1992. Cohen, aged 67, was born in New York and began his career at an investment banking firm after graduating from a university in Pennsylvania. He is now known as an art collector and has an estimated wealth of around $13.9 billion, according to the Bloomberg Billionaires Index.
Cohen's casino proposal, Metropolitan Park, is a significant undertaking, involving the construction of a casino and entertainment complex spanning roughly 20 hectares. The project includes new sports facilities, a renovated public transport station, and a Queens Food Hall.
Cohen is not alone in his bid for a casino license. Other major bidders include MGM Resorts and the New York Yankees with the Empire City Casino at Yonkers Raceway, Genting, NYRA, and Aqueduct Racetrack proposing Resorts World New York City, Caesars and Jay-Z with Caesars Palace Times Square, Mohegan Sun with Freedom Plaza, Saratoga Casino and Chickasaw Nation with The Coney, Rush Street Gaming and Parx Casino with The Avenir, and Bally's Corporation with Bally's Bronx.
MGM Resorts and Resorts World NY are considered leading contenders for two of the three licenses due to their existing slot-only facilities. Cohen's bid is viewed as a key competitor for the third license, with the race narrowing to essentially Cohen and a few others such as Caesars and Mohegan Sun. However, significant opposition and political hurdles also affect the outcome.
The feasibility of Cohen's project is in question due to the need for rezoning of the state-owned parkland for the casino site and the requirement of approval from a site committee's majority members. Local representatives of the district need to be convinced, and Cohen is actively lobbying for their support.
The company involved in the project with Cohen is Hard Rock International. The timeline for the issuance of the three casino licenses in New York remains uncertain. The final decision will be made by New York State's Gaming Facility Location Board for recommendations by December 1, 2025, and the State Gaming Commission expects to award licenses by the end of the year.
Tom Grech, President and CEO of the Queens Chamber of Commerce, has publicly supported Cohen's project. Additional revenues from other sources can also be expected from the project. The project's success could generate gambling revenues of up to $1.9 billion per year, contributing significantly to the city's economy.
The competition for the casino licenses continues, with other plans being submitted or improved. The project's success will depend on Cohen's ability to navigate the political landscape and secure the necessary approvals. Stay tuned for updates on this exciting development in the world of New York gaming.
[1] New York Casino Licenses: What's Next? [2] New York Casinos: Who's In The Running? [3] The Race for New York's Casino Licenses [4] Political Hurdles Affect New York Casino Licenses [5] Steve Cohen's Metropolitan Park Casino Proposal
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