Odds Improve for Cohen Casino Project After Rival Proposals Rejected
The chances of Mets owner Steve Cohen’s $8 billion Metropolitan Park earning a casino license got a little better Wednesday as two proposed Manhattan casinos were voted down by local advisory committees. Six potential projects remain in the running for up to three downstate gaming licenses. Decisions are expected by the end of the calendar year.
The plans rejected Wednesday were the Avenir, a projected $7 billion development that was planned for a site near Hudson Yards by Silverstein Properties, and Caesars Palace Times Square, which was backed by rapper Jay-Z, his company Roc Nation, its parent Live Nation, Caesars Entertainment and SL Green Realty. Both lost by a 4-2 vote.
Cohen’s plan, a joint venture with Hard Rock International, would locate a casino next to Citi Field. Developers say it will create 23,000 jobs, including 6,700 permanent jobs. The rest would be temporary construction jobs. Critics say the project will cause gambling addictions and hurt the local community. The plan includes 20 acres of new park space, 5 acres of community athletic fields, bike paths and playgrounds, a food hall and a music museum.
Each project is required by the state to include at least $500 million of investment in the communities where they plan to build.
The five other projects that remain in the running along with Cohen’s are Bally’s for its Throggs Neck Golf Course, Thor Equities in Coney Island, Soloviev Group’s Freedom Plaza on the east side of Manhattan, Resorts World in southeast Queens and MGM Empire City in Yonkers. Resorts World and MGM Empire City are licensed electronic-only gaming halls looking for full-casino licenses.
The local advisory committee votes are due by the end of September. If a proposed casino clears that hurdle, it moves to a final review by the Gaming Facility Location Board, which is set up by the state Gaming Commission. That board has said it expects to decide on the licenses by the end of the year.
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