In a fierce competition to secure one of three downstate casino licenses in New York City, two prominent bidders have upped their game with new and improved proposals.
Hedge fund billionaire and New York Mets owner, Steve Cohen, has unveiled a grand vision for the Willets Point area west of Citi Field. Cohen’s plan, dubbed “Metropolitan Park,” includes a Hard Rock casino, green space spanning 25 acres, and 20 acres of new public parks. Additionally, there will be five acres allocated for community athletic fields. Cohen is also committed to upgrading accessibility at the Mets-Willets Point 7-train stop and constructing a new stadium for the New York City Football Club.
Furthermore, Cohen is set to enhance the area with improved roadways and cycling paths, along with a $163 million “community impact fund” to support local Queens nonprofits. The billionaire has released detailed renderings of his proposed Metropolitan Park in a strategic marketing campaign that began in May, touting its potential to create over 23,000 jobs.
However, a significant hurdle remains for Cohen’s project – the need for a state lawmaker to introduce a bill to rezone the property, currently designated as parkland. Despite this challenge, Cohen remains optimistic about his ambitious $8 billion proposal.
On the other hand, rapper Jay-Z, in partnership with the proposed Caesars Palace Times Square project, is pledging substantial financial support to the local community. Jay-Z has pledged an initial $15 million, with ongoing grants based on a percentage of the casino’s profits. Roc Nation, Jay-Z’s organization, has committed to providing over $250 million in grants to the Hell’s Kitchen neighborhood.
“We are New Yorkers,” Jay-Z emphasized in a statement, highlighting the importance of giving back to the community in a sustainable way. The proposed Caesars Palace Times Square would feature 250,000 square feet of gaming space, a 950-room hotel, an entertainment venue, and restaurant space. The casino would be housed in the iconic 54-story 1515 Broadway building, integrating the hit Broadway show The Lion King into the project.
With a total of 11 casino developments proposed in and around the five boroughs of New York City, the competition for the coveted licenses is intense. However, final decisions are not expected until the end of 2025, leaving room for further developments and proposals to emerge.
