Steve Cohen’s Hard Rock NYC Development Moves Closer to Securing a Vital Casino License

• New York lawmakers have approved legislation to allow a casino in Queens
• The bill enables state and city-controlled parkland to be developed commercially
• NY Mets owner Steve Cohen partners with Hard Rock for the casino project

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Billionaire Steve Cohen is one of eight contenders vying for three downstate New York casino licenses. As the founder of hedge fund Point72 Asset Management and the owner of the New York Mets, Cohen has garnered significant approval from the state legislature, paving the way for his ambitious $8 billion casino development project in partnership with Hard Rock International.

This past Tuesday, the New York Senate advanced a crucial bill with a 54-5 vote, which reconfigures approximately 50 acres of existing parking lots surrounding Cohen’s Citi Field.

With supportive companion legislation – Assembly Bill 6781A, passing with a resounding 138-7 in the state Assembly earlier this month – only New York Governor Kathy Hochul’s sign-off remains to clear the land for development.

Casino Project Approaching Proposal Stage

Cohen and Hard Rock’s grand proposal, branded as Hard Rock Hotel & Casino Metropolitan Park, aims to create an expansive casino and hotel complex featuring typical amenities like restaurants, bars, a spa, an indoor pool, and event spaces.

Extraordinary features intended to boost the probability of their bid being successful include:

• A sizable 20-acre public greenspace
• Affordable housing units
• Community athletic fields
• A playground and bike paths
• A tailgate area for Mets games
• Solar panels installed on all parking structures

“After years of community engagement, thousands of conversations, and the support of our local elected officials, we are one step closer to transforming these asphalt areas into spaces our neighbours can be truly proud of,” Cohen remarked following the Assembly’s approval of the parkland bill.

If Hochul consents or permits the bill to become law, Cohen and Hard Rock would also gain eligibility to bid for the licenses, having previously acquired the necessary Uniform Land Use Review Procedure (ULURP) green light from the NYC Department of Planning and secured a favourable City Environmental Quality Review outcome.

Each qualified bid will be assigned a local Community Advisory Committee (CAC), consisting of significant figures such as Hochul, NYC Mayor Eric Adams, and Queens Borough President Donovan Richards, among others.

Opposition from Local Leaders

To secure a casino license, a simple majority from the CAC is required. However, opposition is anticipated, as some members are likely to express dissent.

Senator Jessica Ramos (D-Queens) has been notably vocal against the proposal, asserting that the state should not facilitate a billionaire in establishing a lavish Las Vegas-like casino in the community. She has stated:

“After decades of public neglect, it feels like the first serious proposal on the table is a casino. That is not the kind of development that my community deserves. Casinos may bring lights, but they also cast shadows. I cast my vote… in defence of economic development that is dignified, sustainable, and meets the needs of working people—not merely the interests of a billionaire.”

Ultimately, Ramos highlights that the issue transcends just a building or parkland; it’s fundamentally about power dynamics within the community. “It’s about whether areas like mine are treated as partners or mere pawns,” she declared.

Summary

In conclusion, Steve Cohen’s partnership with Hard Rock International has propelled a proposed casino venture in Queens closer to reality, following essential legislative backing. While the community expresses mixed reactions, including significant opposition, this development aims to reshape public perception and infrastructure in the borough. The proposal promises numerous amenities, alongside a vision to improve local living standards while generating economic opportunities for the neighborhood.