New York City Casino License Applicants Upgrade Proposals
Two of the main bidders for New York City casino licenses have upped their game as the battle for one of the three available downstate licenses intensifies.
New York City casino license applicants boost offers.
LISTEN TO THIS ARTICLE:Steve Cohen, hedge fund billionaire and owner of the New York Mets, plans to convert the 50-acre parking lot at Willets Point, adjacent to Citi Field, into a major entertainment hub. His plans include creating “Metropolitan Park”, featuring a Hard Rock casino and 25 acres of green space.
The latest version of Cohen’s proposal adds 20 acres of new public parks and a 5-acre community athletic field. In addition, he has promised to improve accessibility at the Mets-Willets Point 7-train station and construct a new stadium for the New York City Football Club. The project would also include improved infrastructure, such as better roads and bike paths, along with a $163 million “community impact fund” aimed at supporting local nonprofits in Queens.
Challenges Facing Cohen’s Proposal
Despite the ambitious plans, Cohen’s project faces several obstacles. The main one is the need for a legislative sponsor to introduce a bill to rezone the land, which is currently designated as parkland.
Cohen’s marketing push, which began in May, now includes newly released renderings of the planned Metropolitan Park. He estimates that the $8 billion project could generate over 23,000 jobs, making it a significant economic boost for the area.
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Caesars and Jay-Z Boost Their Bid
Simultaneously, Jay-Z’s Roc Nation, in partnership with Caesars Entertainment, has announced an additional $15 million commitment to support their proposed Caesars Palace Times Square project. This comes alongside regular grants that would be funded by 0.5% of the casino’s profits.
Jay-Z and Roc Nation have already promised more than $250 million in grants to support the Hell’s Kitchen area.
We are New Yorkers. Supporting and providing opportunities for our neighbourhoods and community isn’t just a part of Roc Nation’s ethos… it’s our collective responsibility. Any proposal that wins a gaming licence will undoubtedly profit. Our vision is to give back to New York and ensure that the Broadway community, Hell’s Kitchen, and the surrounding businesses and areas all benefit. And not just for a minute but for the long term.
The proposed Caesars Palace Times Square would span 250,000 square feet of gaming space, including a 950-room hotel, entertainment venue, and restaurant area. It would be housed in the 54-story 1515 Broadway building, with plans to integrate the popular Broadway show The Lion King into the development.
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