Jackeying continues among gaming companies and developers to land a potential casino license in New York City. Mets owner Steve Cohen, in partnership with Hard Rock International, unveiled plans for a potential $8 billion New York casino development on Tuesday that would include a hotel and music venue located near Citi Field stadium.
The development would be called Metropolitan Park and include 20 acres of green space as well as access to Flushing Bay.
“It’s time the world’s greatest city got the sports and entertainment park it deserves,” Cohen said in unveiling the plan. “When I bought this team, fans and the community kept saying we needed to do better. Metropolitan Park delivers on the promise of a shared space that people will not only want to come to and enjoy but can be truly proud of.”
Details on the Plan
The casino development still has some hurdles. Currently, the area is zoned as park land and would need the legislature to change with Gov. Kathy Hochul (D) also signing off.
Some lawmakers, including state Sen. Jessica Ramos (D), have already expressed reservations about changing the zoning near the stadium, according to the New York Post. A soccer stadium for New York City FC is also planned for the area as well.
The plan would also have to be selected by state gaming regulators, who are considering several casino proposals. A 2013 state law allowed for three New York City casino licenses. However, two of those are expected to go to the Aqueduct race track and Empire Resorts at the Yonkers race track.
Major gaming companies have lined up with plans to secure the final license. Plans call for a minimum license fee of $500 million, but allows the gaming commission to accept higher bids. Bidders are also required to make at least a $500 million capital investment.
Slot machine and table game tax minimums are expected to be set at 25% and 10%, respectively, but will be determined by a competitive bidding process.
A Look at Other NYC Casino Plans
New York City offers a huge market for owners of the new casino, with a metropolitan population of almost 19 million. Some of the bidders and plans include:
- Nassau Veterans Memorial Coliseum – Las Sands would hopes to utilize 80 acres in Nassau County for an integrated resort with outdoor community spaces, a hotel, a live performance venue, restaurants, convention space, day spa, swimming pool,and more.
- Times Square – Caesars and SL Green Realty have proposed a casino in a Times Square skyscraper. Developers say the plan would bring 1,300 hotel jobs and drive additional revenue to Broadway theaters. Rapper Jay-Z is a major part of the planned casino.
- Midtown East – The Mohegan tribe hopes to build a casino under a massive Ferris wheel at a vacant lot near the United Nations.
- Saks Fifth Avenue – The retail giant would welcome a high-end casino on the top three floors of its department store right in Midtown.
- Hudson Yards – Related Companies and Wynn Resorts hope to construct a casino next to the Javits Center. In September, Related CEO Jeff Blau said the location is “the ideal site for a resort that will reinvigorate our tourism economy and provide billions in tax revenues.”
- Coney Island – Thor Equities, Saratoga Casino Holdings, the Chickasaw Nation, and Legends (the hospitality company that’s a joint venture between the New York Yankees and Dallas Cowboys owner Jerry Jones) is looking to build a hotel and casino at the famous entertainment destination. The plan has faced considerable opposition from business owners, but developers said the plan has seen more support in recent months.
A deadline on accepting a bid has yet to be announced, but the state’s Gaming Facility Location Board will review proposals and recommend a plan to the gaming commission.
MTA President Involved in One Group
The entire slow-moving process has received some criticism from New York media. A recent report pointed to some possible conflict of interest concerns for Janno Lieber, the head of the Metropolitan Transportation Authority.
“The benefit Lieber could see hinges on whether his former employer, Silverstein Properties, and Parx Casino win a license for a proposed 46-story tower complex that would include a hotel, shops and a casino on Manhattan’s West Side,” the New York Daily News reports. “According to financial disclosure forms, Lieber has a 3% stake in the land Silverstein plans to build on.”
That has led to criticism from MTA union workers and others. However, MTA Communications Director Tim Minton came to Lieber’s defense noting that he “has had zero meetings or discussions regarding casino licenses with anyone, much less a potential bidder or interested party, or their representatives, and no issue concerning casinos has come before him as MTA chair and CEO.”
