November 7 - The owner of the New York Mets, Steve Cohen, announced a notable plan on Tuesday. He will collaborate with Hard Rock International to jointly build an $8 billion comprehensive entertainment complex located next to Citi Field baseball stadium in Queens.
While the news of Cohen's plans to construct a casino has been known for some time, the detailed proposal and confirmation of the partner were publicly disclosed for the first time. The billionaire hedge fund manager is competing with nearly a dozen other applicants to secure one of three coveted licenses to construct a full-scale casino in the downstate region of New York.
If Cohen secures the license, he plans to work with Hard Rock and the architectural firm SHoP to create what is referred to as "Mets Park." It will include a 20-acre new park space designed by the landscape architecture firm Field Operations, which previously contributed to the development of Manhattan's High Line and Freshkills Park on Staten Island. Additionally, it will feature a new sports arena, refurbished mass transit station, and a "Queens Food Plaza," as per a statement from Cohen's spokesperson.
The new entertainment complex is set to generate 15,000 permanent and construction jobs, according to Cohen.
Cohen has employed over half a dozen lobbying firms and has spent millions of dollars in community meetings to solicit feedback and support from the communities surrounding Citi Field. However, he faces significant hurdles in building "Mets Park." The proposed casino location technically falls within land designated as a state park, requiring the passage of legislation by the legislature in an act allowing the encroachment on this land. Such a bill was proposed during last year's legislative session but has yet to be considered for a vote.
Even if Cohen manages to pass the legislation, he will still face more obstacles. After bidding applicants submit their casino proposals, any plans must receive the approval of the majority of elected officials in the host community for the potential casino. Subsequently, the New York Gaming Commission will decide whether to grant one of the three possible licenses.
For Steve Cohen, whose net worth is $13.9 billion, the potential return is considered worth the risk. According to a study by Spectrum Gaming, Queens' casino could generate $1.9 billion in annual revenue by 2025.
Currently, the state has not determined the deadline for potential casino bids or when decisions will be made on which bidders receive licenses.
While the news of Cohen's plans to construct a casino has been known for some time, the detailed proposal and confirmation of the partner were publicly disclosed for the first time. The billionaire hedge fund manager is competing with nearly a dozen other applicants to secure one of three coveted licenses to construct a full-scale casino in the downstate region of New York.
If Cohen secures the license, he plans to work with Hard Rock and the architectural firm SHoP to create what is referred to as "Mets Park." It will include a 20-acre new park space designed by the landscape architecture firm Field Operations, which previously contributed to the development of Manhattan's High Line and Freshkills Park on Staten Island. Additionally, it will feature a new sports arena, refurbished mass transit station, and a "Queens Food Plaza," as per a statement from Cohen's spokesperson.
The new entertainment complex is set to generate 15,000 permanent and construction jobs, according to Cohen.
Cohen has employed over half a dozen lobbying firms and has spent millions of dollars in community meetings to solicit feedback and support from the communities surrounding Citi Field. However, he faces significant hurdles in building "Mets Park." The proposed casino location technically falls within land designated as a state park, requiring the passage of legislation by the legislature in an act allowing the encroachment on this land. Such a bill was proposed during last year's legislative session but has yet to be considered for a vote.
Even if Cohen manages to pass the legislation, he will still face more obstacles. After bidding applicants submit their casino proposals, any plans must receive the approval of the majority of elected officials in the host community for the potential casino. Subsequently, the New York Gaming Commission will decide whether to grant one of the three possible licenses.
For Steve Cohen, whose net worth is $13.9 billion, the potential return is considered worth the risk. According to a study by Spectrum Gaming, Queens' casino could generate $1.9 billion in annual revenue by 2025.
Currently, the state has not determined the deadline for potential casino bids or when decisions will be made on which bidders receive licenses.
