You might say Steve Cohen is rounding third and heading for home.
Cohen, the prominent owner of the New York Mets, is making headlines with his grand plan to build a casino next to Citi Field. The ambitious project took a significant step forward as state lawmakers moved to clear one of its major hurdles. Here's the latest update on Cohen's venture and a glimpse into how he amassed his wealth.
In a decisive move, the Democratic-led New York State Senate voted 54-5 to reclassify 50 acres of parking lots surrounding Citi Field. This comes on the heels of an approval by a Senate committee in April.
This reclassification is vital for the Cohen-backed project to secure one of the state’s remaining casino licenses. The state Assembly and City Council had already given its blessing, and now the bill awaits the decision of Gov. Kathy Hochul, who can either sign it into law or veto it.
The legislation was sponsored by State Senator John Liu, whose district includes part of the proposed site.
The Vision for a Casino Resort
Cohen believes Queens is the ideal location for 'Metropolitan Park,' and reclassifying the parking lots is crucial to his broader vision for enhancing the area surrounding Citi Field.
Cohen’s vision, developed in partnership with Hard Rock International, plans for an $8 billion casino resort, entertainment district, and park.
A standout feature is the proposed High Line-style pedestrian and bicycle bridge that would connect Downtown Flushing and Willets Point. Securing the legislative approval for this land use is crucial for Cohen, who is among eight bidders competing for three coveted downstate New York casino licenses.
From Parkland to Private Development
One of the key challenges for the project was the land's status as public parkland, currently occupied by parking lots around Citi Field.
To proceed, lawmakers voted to "alienate" the parkland, allowing its development for private use. As part of the deal, Cohen and Hard Rock have committed to transforming 20 acres of the plot into a proper park, ensuring the local community benefits from green space alongside the new development.
The plan was opposed by State Senator Jessica Ramos. She believes such a complex could harm lower-income residents and seniors in her district.
Who is Steve Cohen?
Steve Cohen is not just a name in sports; he's a titan in the financial world. He founded Point72 Asset Management, a hedge fund that has cemented his reputation as a savvy and successful investor.
Cohen amassed a significant portion of his wealth through smart investments and strategic financial dealings, positioning him as one of the most influential figures on Wall Street.
Cohen's acquisition of the New York Mets in 2020 further elevated his public profile. Known for his passion for baseball and investment in the team, he has endeared himself to Mets fans and has been actively involved in the team’s strategies and operations. His influence extends beyond finance and sports; his foray into casino development exemplifies his ambition and drive to expand his business footprint.
What’s Next for Cohen’s Casino Plan?
With legislative approval in its favor, Steve Cohen’s proposed casino near Citi Field is one step closer to becoming a reality. Attention now turns to the forthcoming decision by Gov. Kathy Hochul and the competitive bidding process for the casino licenses, which saw Wynn Resorts become the second potential bidder to drop out of the running last week.
Last Month, Las Vegas Sands also stopped its efforts to secure a license for a planned development at Nassau Coliseum on Long Island.
MGM Resorts and Resorts World are considered leading contenders for two of the three available licenses, as they already operate slot-only gaming facilities without live table games. There's also a plan to put a casino on Manhattan's far west side.
Governor Hochul hasn't publicly supported or opposed Cohen's casino proposal or any others, so it's uncertain if or when she will take action on it. Cohen also needs approval from a local siting board before he can potentially receive a casino license from a state panel under the Gaming Commission.
If successful, Cohen’s vision could transform the area around Citi Field into a vibrant hub of entertainment and leisure, adding a new dimension to the neighborhood and potentially boosting the local economy.
