New York City casino bidders sweeten the pot
Hedge fund billionaire and New York Mets owner Steve Cohen is now pledging to transform the Willets Point area west of Citi Field into a major entertainment destination, amNY reported Sunday (22 September). The area is now a 50-acre parking lot. Cohen says it would become “Metropolitan Park,” including a Hard Rock casino and 25 acres of green space.
The new proposal includes building 20 acres of new public parks and five acres of new community athletic field. In addition, Cohen previously announced promise of accessibility upgrades to the Mets-Willets Point 7-train stop. Cohen also says he’ll build a new soccer stadium for the New York City Football Club.
Cohen’s project would include improved roadways and cycling paths, and a $163m (£122.2m/€146.7m) “community impact fund” that would provide grants to local Queens nonprofits.
Cohen faces headwinds in New York City
Cohen this week unveiled detailed new renderings of his proposed Metropolitan Park. It is part of a marketing blitz the billionaire started in May to promote his $8bn proposal. He predicts the project would create more than 23,000 jobs.
The project still faces major challenges, the largest of which is finding a state lawmaker to introduce a bill to rezone the property. The land is currently zoned as parkland and would need to be rezoned to accommodate a casino.
Caesars pledges additional $15m for its project
Meanwhile, rapper Jay-Z, whose Roc Nation organization is partnered with the proposed Caesars Palace Times Square project, is proposing to pledge an initial $15 million to the local community. He’s also promising regular grants based on 0.5% of the casino’s profits.
Jay-Z and Roc Nation have pledged to commit more than $250m in total grant money to the Hell’s Kitchen neighborhood. “We are New Yorkers,” the rapper said in a statement announcing the latest grant pledge. “Supporting and providing opportunities for our neighborhoods 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.”
Caesars Palace Times Square would include 250,000 square feet of gaming space. It would also include a 950-room hotel, an entertainment venue and restaurant space. The casino would be located in the 54-story 1515 Broadway building. The hit Broadway show The Lion King, already based in the building, would be incorporated into the project.
The two projects are among 11 casino developments proposed in and around the five boroughs of New York City. Decisions on the licences are not expected before the end of 2025.