Cohen’s $8 Billion Queens Casino Plan Gets Nod from Senate Leader

20

May

Cohen’s $8 Billion Queens Casino Plan Gets Nod from Senate Leader

As other competitors withdraw from the New York City casino race, an $8 billion plan to establish a gaming facility in Queens is gaining traction. 

On Tuesday, Senate Deputy Majority Leader Michael Gianaris announced he will support a bill that, if enacted, would remove Willets Point's designation as parkland. This would enable New York Mets owner Steve Cohen and gaming partner Hard Rock International to compete for one of the three downstate casino licenses anticipated to be granted later this year. 

Gianaris' support for the legislation, introduced in late March by State Sen. John Liu (D-Bayside), is significant not only due to his leadership role but also because his district encompasses western Queens — a region that could benefit from Metropolitan Park. The New York State Assembly effortlessly approved a bill put forward by Assemblywoman Larinda Hooks (D-Queens) last week “to cease the use as parkland and remove certain land from Flushing Meadows Corona Park.” 

On Tuesday morning, Senate Democrats gathered to talk about the Liu bill, but Gianaris did not specify if there are enough votes to move the legislation forward. He also clarified that lawmakers are not officially endorsing Metropolitan Park. They are simply considering a bill that would enable Cohen and Hard Rock to take part in the bidding process. 

 

Opportune Moment for Queens Casino Initiative 

In what seems like a coincidence and favorable timing, Gianaris’s remarks came just a day after Wynn Resorts announced its exit from the New York City casino competition, marking the third departure in roughly a month from different competitors. 

A field that once had 11 bidders has now reduced to eight, with five weeks remaining until the application submission deadline. As each party exits, the remaining competitors find their chances of success diminish. 

Increasing rumors that Manhattan will not host any of the three downstate casinos may work in favor of Metropolitan Park. This could clarify why Wynn abandoned its quest for a license, and it may also shed light on why rapper Jay-Z was recently in Albany lobbying lawmakers about the Times Square casino proposal. 

The music artist and entertainment tycoon is involved in the Caesars Entertainment/SL Green partnership aiming to establish a gaming site in the theater district — a proposal that faces significant opposition. 

 

Queens Casino Plans a Resurrection Strategy 

If Cohen and Hard Rock secure one of the three downstate permits, it might signify one of the most captivating redemption tales in the gaming industry in recent times. 

Only a year prior, the Metropolitan Park proposal was characterized as being on life support after State Sen. Jessica Ramos (D-Queens) declined to introduce parkland alienation legislation. She also conducted a number of town hall meetings where she asserted that constituents expressed their opposition to the gaming project. 

A year later, it seems that Cohen and Hard Rock have not only resolved the parkland designation problem, but they are also gaining advantages as competitors drop their New York City casino proposals. 

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