Progress on Steve Cohen's $8 billion NYC casino project steps forward with the advancement of a Senate bill aimed at resolving zoning issues.
Chillin' Next to Citi Field:
Hey pal, check this out! The billionaire Steve Cohen's $8bn casino project near Citi Field in Queens has faced some opposition, but he's been sneaky and smart about it. Local Senator Jessica Ramos has been blocking his attempts to turn parkland into commercial space because she's worried about how it affects the neighborhood. But Cohen ain't about to let a little obstacle like that stop him.
He's found a way to bypass this hurdle by getting Senator John Liu, whose jurisdiction covers a mere fraction of the proposed casino, to introduce a rezoning bill. And guess what? This bill just got a thumbs-up from a state Senate committee! It's still got a ways to go though; the Senate, Assembly, and Governor Kathy Hochul all need to sign off on it before it becomes law.
This 50-acre site is currently just a parking lot for the New York Mets' ballpark and the Flushing Meadow Corona Park. If Cohen gets his way, this place will transform into a casino hotel, with 25 acres of public park space and $1 billion in benefits for the community. Sounds like a pretty sweet deal, eh?
But Cohen won't have it all easy. He's got some tough competition for one of the three available downstate New York casino licenses. There's a Times Square casino involving Caesars Entertainment, two existing slot parlors run by MGM Resorts International and Genting, and some other fellas jostling for position too.
A few operators have thrown in the towel recently, with Saks Fifth Avenue and Las Vegas Sands deciding they don't want to chase after one of the permits anymore. Smart move, you ask? You decide!
By the way, did you know that this project promises to create 23,000 union jobs and revitalize Willets Point? And Cohen has teamed up with Slate Property Group to develop 450 residential units nearby. Sounds like he's building a solid foundation for his project!
Keep an eye on this one, buddy. It's gonna be exciting to see how it all pans out!
- Steve Cohen's $8bn casino project in Flushing, originally intended for parkland near Citi Field, is being rezoned instead, thanks to Senator John Liu's bill, which was just approved by a state Senate committee.
- If Cohen's casino project is approved by the Senate, Assembly, and Governor Kathy Hochul, it will transform a 50-acre site currently used as a parking lot into a casino hotel, with 25 acres of public park space and $1 billion in benefits for the community.
- Cohen faces tough competition for one of the three available downstate New York casino licenses, with other operators like Caesars Entertainment, MGM Resorts International, Genting, and others vying for the permits.
- Recent withdrawals from the race include Saks Fifth Avenue and Las Vegas Sands, leaving uncertainties about the future of the casino-and-gambling industry in New York.
- Steve Cohen's venture involves creating 23,000 union jobs, revitalizing Willets Point, and developing 450 residential units with Slate Property Group, demonstrating efforts to build a solid foundation for the project.
