【minimum deposit in stake】Steve Cohen’s Citi Field Casino Bid Receives Much

Mets’ owner Steve Cohen is pursuing an $ 8 billion casino complex near Citi Field in Queens, NYC. Just last week, his proposal received a significant advantage when a local lawmaker introduced legislation to enhance the project’s chances of success.

Last week, State Senator John Liu filed legislation that would allow Cohen to legally redesignate the parking spaces around the Queens stadium from parkland to commercial use. Hence paving the way for the billionaire’s plan to launch his ambitious Metropolitan Park casino complex.

However, despite the bill's introduction, the deal is far from finalised. Cohen would still need a commercial gaming license from the New York State Gaming Commission. Only three are available, and the competition is intense.

Liu Gives His Reasoning

During the bill’s introduction, Liu said a few words on how the legislation would help Cohen’s project:

“Because the parking lot is legally parkland, they require state legislation that would allow a gaming facility to be built on that parkland in order to proceed with their application to the state gaming.”

A few years ago, when the Empire State announced it would accept proposals for downstate casinos, Cohen revealed plans to launch a US$8-billion casino complex near Citi Field. For this initiative, the Mets owner partnered with the global restaurant group Hard Rock International.

Relying on Flushing Skypark Plans

The billionaire is hopeful that his casino bid will go through thanks to the Flushing Skypark project, which suggests the development of a Manhattan High Line-inspired pedestrian and bike bridge. This proposed facility would connect downtown Flushing to Citi Fields in Willets Point, and the billionaire is also promising to provide over US$100 million for that project.

On Sunday, Liu, whose jurisdiction includes Flushing and is only part of the proposed Citi Field location, stated that the Skypark project “would be a series of interactive areas that form a bridge and transform a simple crossing into vibrant hubs that serve as flexible public spaces for community gatherings, events, rest, and social interactions.”

Meanwhile, Cohen has assured that even if the Skypark plan fails, given that it’s a challenging project facing regulatory approvals, he will invest the US$100 million in other community improvements.

All these promises hinge on whether the billionaire can secure one of the three commercial gaming licenses from the state. The casino aspect of the project cannot materialise without the parkland being converted to commercial use.

However, with Liu’s legislation, this could become a reality. The bill will now be reviewed by the state Assembly and Senate and ultimately approved by Governor Kathy Hochul.

Potential Challenges for the Casino Plans

Despite the recent boost, Cohen’s project could still face challenges. For instance, Sen. Jessica Ramos, who represents the casino’s district, is not content with the project.

In a recent interview, she said she is still against the multi-billion-dollar plan. This is what she shared:

“My position has not changed. I cannot support a casino in Corona and am a definitive no on any alienation bill that goes against my neighbors’ wishes.”

Also, it remains to be seen whether the state Senate will approve the legislation after Ramos previously refused to advance it. Usually, the Senate relies on a verdict from the local legislator when it comes to a project essential to their district.

Liu is Optimistic

However, despite Ramos's opposition, Liu is still confident that Queens residents would be in favour of the casino project. Here’s what he said regarding Ramos:

“I’m close to Jessica, and I know her principal position is based on feedback for the constituents. Similarly, my intent to advance any enabling legislation is based on feedback I received from constituents. Some opposed but far more in favor.”

In the meantime, Hard Rock International’s Chairman, Jim Allen, has also said a few words about Metropolitan Park. In his opinion, if the project materialised, it would generate “thousands of jobs and unparalleled experiences” for the community and visitors.

It is worth noting that the US$8-billion Metropolitan Park will also feature a hotel and live entertainment facility. The plan has also gained backing from numerous community leaders, including Queens Borough President Donovan Richards, Assemblywoman Larinda Hooks, Councilman Francisco Moya, and several community boards.

The Biggest Obstacle Awaits

Yet Cohen and Hard Rock's biggest challenge is to acquire one of the three full-scale casino licenses from the New York State Gaming Commission. Applicants like the billionaire must submit their proposals to local siting boards by June 27, 2025. Then, the NYSGC will announce its three winners by the end of December or early 2026.

However, winning a permit for Cohen is easier said than done, as the competition is quite intense. Industry experts predict that two existing gaming facilities, Resorts World New York City in Queens and Empire City Casino in Yonkers, are almost nailed on as two recipients.

That is because the racinos already operate land-based gambling activities, and they would be quicker to transform into fully-fledged casinos. Thus, they would bring in new revenue for their areas quicker than building brand-new properties. Another factor is that the two sites have plenty of community support, a key measure for the gambling commission.

Battle for the Third

With Resorts World NYC and Empire State Casino leading the charge, all other applicants are essentially competing for the third and final license. Some of the other candidates include Wynn Resorts and Related Companies, which teamed up for a gambling location in Hudson Yards.

Others include Las Vegas Sands, which aims to develop a casino destination at Uniondale's Nassau Veterans Memorial Coliseum hub. Additionally, there’s Soloviev Group and Mohegan Sun for a project along the East River, along with SL Green, Caesar’s Entertainment, and Roc Nation for a US$4 billion property in Times Square.

A few other candidates include Bally’s Corporation for a site in the Bronx and Silverstein Properties, in partnership with Greenwood Gaming and Entertainment, for a casino at West 41st Street and 11th Avenue, near the Jacob Javits Center.

We still anticipate a few more twists and turns before the NY gambling commission announces its winner in late 2025.