Two major bidders for a New York City casino have improved their offers as the competition for one of the three downstate casino licenses heats up.
Hedge fund billionaire and New York Mets owner Steve Cohen has revealed plans to turn the 50-acre parking lot west of Citi Field into a major entertainment hub called "Metropolitan Park," according to amNY. The proposal includes a Hard Rock casino, 25 acres of green space, and a soccer stadium for New York City Football Club.
The plan also promises 20 acres of public parks, a 5-acre community athletic field, and accessibility improvements at the Mets-Willets Point 7-train stop. Cohen's project will feature better roads, cycling paths, and a $163 million community impact fund to support local Queens nonprofits.
Cohen faces headwinds in New York City
Add Your Heading Text HereThis week, Steve Cohen released detailed new images of his proposed Metropolitan Park, part of his ongoing campaign to promote the $8 billion project. He expects the development to create over 23,000 jobs.
However, the project still faces a big hurdle—finding a state lawmaker to introduce a bill to rezone the property. The land is currently classified as parkland and needs to be rezoned to allow for a casino.
Caesars pledges additional $15m for its project
Meanwhile, rapper Jay-Z, through his Roc Nation organization, which is partnered with the proposed Caesars Palace Times Square project, is offering an initial $15 million to support the local community. He also promises to provide ongoing grants based on 0.5% of the casino's profits.
Jay-Z and Roc Nation have pledged over $250 million in grants to support the Hell’s Kitchen neighborhood. “We are New Yorkers,” Jay-Z said, explaining that helping the community is central to Roc Nation’s mission and a shared responsibility.
He emphasized that any casino project that wins a license will make money, and their goal is to give back to New York. They want to ensure that the Broadway community, Hell’s Kitchen, and nearby areas benefit, not just in the short term but for the long haul.
The proposed Caesars Palace Times Square project would feature 250,000 square feet of gaming space, a 950-room hotel, an entertainment venue, and restaurant areas. It would be located in the 54-story 1515 Broadway building, home to the popular Broadway show The Lion King, which would be part of the project.
These projects are among 11 casino developments proposed for New York City. Decisions on the licenses are expected by the end of 2025.
