Cohen Unveils Metropolitan Park, Together with Queens On line casino Plan
New York Mets proprietor Steve Cohen lastly unveiled plans for a on line casino improvement close to Citi Discipline in Queens, NY, pitching an expansive $8 billion undertaking often known as “Metropolitan Park.”
New York Mets proprietor Steve Cohen. On Tuesday, he unveiled plans for Metropolitan Park, which features a on line casino. (Picture: New York Put up)
The founding father of hedge fund Point72 Asset Administration desires to show the Willets Level space close to the Mets’ dwelling stadium, which is actually a car parking zone and never a lot else of use to the neighborhood, into an leisure zone that includes 20 acres of park house, eating choices, a reside music venue and a on line casino resort operated by Arduous Rock Worldwide.
It’s time New York acquired the sports activities and leisure park it deserves,” stated Cohen in an announcement. “After I purchased this staff, followers and the group stored saying we would have liked to do higher. Metropolitan Park delivers on the promise of a shared house that individuals is not going to solely need to come to and luxuriate in, however might be actually pleased with.”
Clear point out of Arduous Rock, the gaming arm of Florida’s Seminole Tribe, on www.metropolitanpark.com confirms long-running rumors that the tribe is Cohen’s operator of alternative. Final yr, hypothesis surfaced that Cohen was holding talks with Las Vegas Sands about the potential of creating an built-in resort in Queens close to Citi Discipline. Later, rumors surfaced that his most popular accomplice is Arduous Rock.
Contained in the Struggle for a Queens On line casino
Cohen, who’s price an estimated $19.8 billion, has been actively lobbying New York politicians and contributing to key Democrats, together with Gov. Kathy Hochul and New York Metropolis Mayor Eric Adams, in an effort to rework Willets Level into an leisure vacation spot with a gaming venue.
There’s work to be performed on that entrance. The land on which Metropolitan Park would reside is designated as parkland, and that classification must be modified for business improvement to happen there. The same state of affairs applies to different areas wherein operators are hoping to develop casinos in New York.
In Could, New York State Sen. Jessica Ramos, a Democrat representing the communities closest to Citi Discipline, stated she doesn’t favor laws that will change the parkland designation of the property on which the on line casino can be constructed. She nonetheless hasn’t modified her thoughts.
I can be internet hosting one other city corridor on this proposal on the finish of the month. It’s vital that my neighbors look fastidiously on the particulars and we’ll proceed along with our course of,” stated Ramos in an announcement.
Conversely, Cohen’s Metropolitan Park concept is supported by the Queens Chamber of Commerce and Borough President Donovan Richards (D), amongst others. The borough is already dwelling to 1 gaming venue, that being Resorts World New York, which was beforehand regarded as a shoe-in for one of many three downstate on line casino permits state regulators will award.
In Queens On line casino Bid, Cohen Highlights Information
When New York regulators will award the three downstate licenses is up for debate. It might occur subsequent yr or in 2025. What can’t be argued is that the competitors for these permits is fierce.
Along with Cohen and Arduous Rock, different contenders embody Las Vegas Sands (Nassau County), Caesars Leisure (Occasions Sq.), Wynn Resorts (Manhattan), and the incumbent operators of MGM Resorts Worldwide and Resorts World. Current hypothesis means that following a scandal involving an government who labored at MGM and Resorts World venues in Las Vegas, the door might be ajar for different operators to win licenses.
On a considerably associated word, New York regulators are mandating that candidates for gaming permits possess “integrity, honesty, good character and repute.” Because the New York Put up experiences, in 2014, Cohen’s then hedge fund, SAC Capital, was compelled to pay $1.8 billion to federal regulators to settle prices of wire fraud. Cohen himself was by no means criminally charged.
For his half, the Mets proprietor is leaning into knowledge to assist the Queens on line casino effort, noting the borough is dwelling to 2.4 million residents, the Mets entice three million followers a yr, and the US Open and NYCFC of Main League Soccer draw one other a million guests – all of which he hopes will assist the Metropolitan Park plan.
