Slipping Past the Obstacles: Steve Cohen's $8 Billion Casino Project Gains Momentum
The Latest Twists
- Senate Committee Approval: In a tight 4-3 vote, a New York State Senate committee has greenlit the commercial development of land adjacent to Citi Field, where Steve Cohen's ambitious casino and entertainment complex, Metropolitan Park, is slated to rise [1][3]. This decision brings the project significantly closer to fruition.
The Project at a Glance
- Metropolitan Park: This mammoth $8 billion project intends to revamp 50 acres of parking lots into a mix of entertainment, leisure, and lush green space. The plan includes a casino hotel and public park zones, with promises of economic growth for Queens [1][2].
- Partners in Crime: The endeavor is spearheaded by Steve Cohen, proprietor of the New York Mets, in collaboration with Hard Rock International [1][3].
Still in the Game: Next Steps to Seal the Deal
- Legislative Passage: The legislation that received approval from the Senate committee now needs to clear the New York State Assembly. Once that hurdle is crossed, it will land on Governor Kathy Hochul's desk for a well-deserved signature [5].
- Casino License Hunt: With three coveted downstate New York casino licenses up for grabs by the New York State Gaming Commission, Metropolitan Park is just one of several eager contenders [3].
- Zoning Resolution: The land's existing zoning designation labels it as parkland, necessitating a change in status to accelerate commercial development. Senator John Liu's bill aims to resolve this conundrum [1][3].
The Roadblocks
- Political Obstacles: State Senator Jessica Ramos has voiced reservations about the casino plan, fearing its long-term impacts on the community. However, Ramos has acknowledged that the bill could bypass her resistance [2][3].
- Community Backlash: According to Senator Ramos' interactions, a staggering three-quarters of the local community are against the proposal [2].
Progress of Senate Bill signals potential resolution for zoning obstacle facing Steve Cohen's proposed $8bn NYC casino project.
But fear not! Recent developments, such as a new residential partnership with Slate Property Group, might give the project a much-needed boost in its journey toward success [3].
Steve Cohen's $8 billion casino project, Metropolitan Park, moves closer to fruition as a New York State Senate committee approved its commercial development adjacent to Citi Field. The project requires legislative passage in the New York State Assembly and a change in the land's zoning designation to accelerate development. However, opposition from State Senator Jessica Ramos and community backlash might pose challenges. Despite these obstacles, a recent residential partnership with Slate Property Group offers a potential boost for the casino-and-gambling business in Flushing.
