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Cryptocurrency News Articles
Hochul Considers Legislation to Help Mets Owner Steve Cohen's Queens Casino Bid
Oct 12, 2024 at 07:06 am
The New York Post reported Wednesday that New York Governor Kathy Hochul could be coming to the rescue of New York Mets owner Steve Cohen's bid to build a casino next to Citi Field
New York Governor Kathy Hochul may be coming to the aid of New York Mets owner Steve Cohen in his bid to build a casino next to Citi Field, وإن كان the proposed assistance would fall well short of guaranteeing him a license, the New York Post reported Wednesday.
As part of the 2025 state budget, Hochul plans to introduce legislation that would designate a gambling complex as a permitted use of city parkland, the Post reported, citing a source close to the situation.
Such a move would effectively eliminate an obstacle that had largely scuttled Cohen’s Metropolitan Park complex, a massive proposal he is developing with Hard Rock International that includes not only a casino, but also hotel towers, a music venue, public park space, and more.
But the parking lots near Citi Field where Cohen wants to build are currently designated as parkland. That means Cohen would need the state legislature to pass a parkland alienation bill, allowing it to be rezoned for other uses.
Traditionally, such bills are only introduced by lawmakers who represent the areas being alienated. While Cohen has the necessary support in the New York Assembly, State Senator Jessica Ramos (D-Queens) has said she will refuse to introduce such a bill in the New York Senate.
Cohen isn’t the only potential developer who has encountered land use problems. The Bally Links proposal, which would be located in the Bronx at the site of a former Trump Organization golf course, would also need a parkland alienation bill to proceed under current law.
“The Governor is going to try to get all the land use issues for the casino license bids rolled into the budget,” the New York Post quoted a source “close to one of Cohen’s rival bidders” as saying. “She is trying to stuff it in there.”
Still, there are reasons to believe such a move would be made to benefit Cohen. The billionaire hedge fund manager has been a major donor to Hochul. In 2021, Cohen and his wife, Alexandra, donated a combined $136,700 to the Hochul campaign.
But Hochul says she has no plans to push for such a change in her upcoming 2025 budget.
“There are people, shady people, who will try to manipulate the [casino licensing] process to their benefit and be willing to put out lies,” Hochul told reporters on Thursday. “I have had no intention of putting this in my executive budget.”
Even without a plan to change the rules for designated parkland, it’s clear that Cohen has been looking to work around Ramos’ opposition to his casino.
“The state never intended any one person to have the ability to singlehandedly stop or approve a project,” Karl Rickett, a spokesman for Metropolitan Park, said last month, as developers submitted their plans to the New York City Planning Commission. “We have plenty of time and other avenues to get this done and feel confident given the overwhelming support from elected officials, unions, and the local community, that we have the best overall project.”
Both Cohen and Genting Are Applying for a License in Queens
Even if a favorable parkland provision passes, Cohen will still face stiff competition for one of the three available downstate casino licenses. Nearly a dozen projects are vying for those three slots, with the most problematic for Metropolitan Park being the Genting-owned Resorts World New York City racino at the Aqueduct Racetrack in Queens.
That Resorts World facility — and the Empire City Casino at Yonkers Raceway — have been considered strong favorites for two of the licenses, as they can quickly scale to full casinos without any immediate construction.
But recent allegations that Resorts World Las Vegas permitted known illegal bookmakers to gamble at the casino and potentially launder money there could put that favorite status for Genting’s Queens facility at risk.
“If Genting doesn’t get a license, it’s a huge opportunity for Steve Cohen,” the Post quoted its source as saying. “There would not be an appetite for two Queens casinos.”
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