Comprehensive entertainment complex planned
Sowing the plans of Cohen and Hard Rock the construction of a casino and entertainment complex covering around 20 hectares [Article on English], as reported by Fortune magazine.
In terms of space, the site is located directly next to Citi Field, the stadium of the New York Mets baseball team, which is also owned by Cohen. A previous parking lot should provide part of the required space.
There is already a name for the new entertainment complex: Metropolitan Park. In his remarks, however, Cohen did not focus so much on the casino itself, but rather mentioned new sports fields, a renovated public transport station and the planned Queens Food Hall, which are to be built in connection with the project.
Despite the high construction costs, only part of which are likely to be incurred by the casino, Steven Cohen and Hard Rock's project could quickly pay off. According to an extensive study, if a casino were built in the borough of Queens, gambling revenue of up to $1.9 billion per year could be expected. There would also be additional income from other sources of income.
Who is Steven Cohen?
Steven Cohen (67) grew up in New York State and started a career at an investment banking firm after studying in Pennsylvania. In 1992 he founded the investment company S.A.C. Capital, which is now called Point72 Asset Management and manages various hedge funds.
Privately and through his company, Cohen is involved in numerous companiesigt, is the majority owner of the New York Mets and is also known as an art collector. According to the Bloomberg Billionaires Index, his fortune is estimated at around $13.9 billion.
The project is still uncertain
Apart from the fact that the awarding of the New York casino licenses will take place between dozens of applicants, including the rapper Jay-Z, the project itself is in limbo in terms of feasibility.
The planned casino location is on state park land that must first be repurposed. In addition, the implementation of the plan requires that the majority of members of a site committee approve it. To do this, local representatives in the district would have to be convinced, for which Cohen is already lobbying intensively.
Tom Grech, President and CEO of the Queens Chamber of Commerce, has already publicly supported Cohen's plan:
With 15,000 jobs and $8 billion in projects, we must encourage this type of development in Queens County. – Tom Grech, President and CEO of the Queens Chamber of Commerce, Source: ABC7 New York
It is not yet clear when the three casino licenses in New York will be awarded. Until then, the bidding seems to continue and it will be interesting to see which plans will be submitted or improved.
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