Billionaire Steve Cohen’s plan for an $8 billion casino complex is heading to the final round of the state’s casino licensing competition.
A community advisory committee voted unanimously to advance Metropolitan Park, a project that would transform 50 acres of parking lots next to Citi Field.
The approval means that the proposal heads to the state’s Gaming Facility Location Board for final consideration. The board is expected to select up to three projects by the end of the year for state casino licenses.
CAC member George Dixon’s affirmative vote came as a surprise, as he was appointed by local Sen. Jessica Ramos, who previously voiced opposition to the project. Afterward, Dixon said he thought the project would be good for the borough, clarifying that his vote did not reflect a change of heart on Ramos’ part.
Metropolitan Park is up against three other contenders in this final round: MGM Empire City in Yonkers; Queens Aqueduct Casino, operated by Resorts World; and Bally’s in Throggs Neck. The remaining four proposals were eliminated by their respective community advisory committees.
Cohen’s proposal nearly didn’t make it to this key vote. The parking lot next to Citi Field is technically parkland, and the team needed state lawmakers to approve park alienation legislation to move forward. Sen. Ramos refused to introduce such a bill, which could have killed the project if Sen. John Liu, who represents part of the project site, hadn’t ultimately sponsored alienation legislation. The legislature signed off on the bill in May.
The project would include a Hard Rock hotel and a 5,650-person live music venue, along with bars, restaurants and 25 acres of green space.
The project team, which includes Cohen and Hard Rock Entertainment, has indicated that if the state awards Metropolitan Park a license in December, it could begin construction the next month.
Part of what won over Liu was the team’s commitment to include Flushing Skypark, elevated bike and pedestrian paths that would connect Metropolitan Park, downtown Flushing and other neighborhoods cut off by Flushing Creek, as part of its plan. If Skypark doesn’t get built, Cohen has pledged $100 million for upgrades to Flushing Meadows Corona Park.
The team also partnered with Slate Property Group to build 450 units of affordable housing on a parking lot at 54-19 100th Street, a few miles away from the casino project.
Most expect the state to award MGM and Resorts World two of the three licenses available for downstate casinos, given they both already operate as racinos. That leaves Bally’s and Metropolitan Park proposals competing against each other for the remaining license.
Cohen’s pitch is the larger of the two and is projected to generate $850 million in tax revenue by its third year of operation, compared to $357 million in annual state and local taxes projected for the Bally’s proposal. The state board will evaluate the casino proposals on a number of factors, but will give elements related to economic activity and business development — such as tax revenue, total investment and jobs created — the most weight.
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