Steve Cohen and Hard Rock Propose New York Casino
LISTEN TO THIS ARTICLE:Steve Cohen, the billionaire owner of the New York Mets, has, in partnership with Hard Rock International, announced details of a proposed new casino in the US city of New York.
Cohen has unveiled plans for the retail casino and entertainment center with a projected cost of up to $8 billion. The casino project called Metropolitan Park will comprise a large casino gaming floor space, as well as an athletic field, entertainment sites, and a food hall.
The local government in New York has opened the bidding process for new casino proposals and has indicated that three will be adopted. However, officials in New York have not set a deadline date for submissions.
Commentators have observed that Cohen will have to overcome some issues before his casino and entertainment offering comes to fruition. The location of the Metropolitan Park casino will be in Manhattan, and this has already raised a lot of complaints. Also, some of the land for the proposed entertainment venue is to be situated on public land and this would require local government to make legislative changes before the casino project could go ahead.
Project Revenue and Jobs to the Local Community
It is envisaged that Metropolitan Park will create nearly 15,000 jobs that will be split between permanent casino employees and construction jobs.
Local government has carried out an analysis of potential revenue from proposed casinos in New York, and it has been estimated that a Metropolitan Park-style casino would contribute a figure close to $2 billion to the local economy per year.
Multiple Bidders for a New York Casino
The detailed bid from Cohen now joins several other proposals for new casinos situated in the Big Apple. The bid faces stiff competition from at least a dozen other rival proposals.
Jay-Z, the American-born rap star, is part of a bid through Roc Nation and plans to open a casino in Times Square. He outlined details of this proposal in an open letter to the residents of the city.
Related: Rapper Jay-Z Applies for New York Sportsbook License
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