Bidders for a casino in New York City up the stakes
Two well-known bidders for a casino in New York City have made their offers more appealing as the fight for one of three downstate casino licenses stays fierce.
Queens NY park rendering casino Hedge fund billionaire and New York Mets owner Steve Cohen is reportedly pledging to develop the Willets Point neighbourhood west of Citi Field into a major entertainment destination, amNY reported on Sunday (22 September). There is now a 50-acre parking lot in the region. Cohen believes it would turn into "Metropolitan Park," which would have a Hard Rock casino and 25 acres of green space.
The new plan calls for creating five acres of additional community sporting fields and twenty acres of new public parks. Cohen also said before that he will make the Mets-Willets Point 7-train stop more accessible. Cohen also said he would build a new football stadium for the New York City Football Club.
Cohen's plan would include better roads and bike paths, as well as a "community impact fund" worth $163 million (£122.2 million/€146.7 million) that would give money to local Queens NGOs.
Cohen has problems in New York City.
This week, Cohen showed out comprehensive new drawings of his planned Metropolitan Park. The businessman initiated a marketing blitz in May to sell his $8 billion proposition. He thinks the initiative will produce more than 23,000 jobs.
The project still has a lot of problems to deal with, the biggest of which being finding a state lawmaker who will propose a bill to change the zoning of the property. The area is now allocated for parks, thus it would need to be rezoned to make room for a casino.
Caesars promises to give an extra $15 million to its project.
In the meantime, musician Jay-Z, whose Roc Nation group is working with the proposed Caesars Palace Times Square project, is offering to give the neighbourhood $15 million to start. He also says that he will give out regular grants based on 0.5% of the casino's income.
Jay-Z and Roc Nation have promised to give the Hell's Kitchen neighbourhood more than $250 million in grants. The rapper added in a statement announcing the newest funding commitment, "We are New Yorkers." “Helping and giving our neighbourhoods and community chances isn't just part of Roc Nation's values; it's something we all have to do.
"Any idea that gets a gaming licence will definitely make money. We want to give back to New York and make sure that the Broadway community, Hell's Kitchen, and the businesses and places around them all benefit. And not just for a minute, but for a long time.
There would be 250,000 square feet of gaming space inside Caesars Palace Times Square. It would also have a restaurant, an entertainment facility, and a hotel with 950 rooms. The casino would be in the 1515 Broadway building, which has 54 floors. The redevelopment would include the hit Broadway production The Lion King, which is presently located in the building.
These two proposals are part of a plan for 11 new casinos in and around New York City's five boroughs. We don't anticipate to hear about the licenses until the end of 2025.