Steve Cohen Wants Locals’ Opinion On Potential City Field Casino

Billionaire financier Steve Cohen, who previously expressed an interest in hosting a New York casino near City Field, is now advancing his efforts. Recently, New Green Willets LLC, created by the owners of the New York Mets in 2022 to lobby for the project, announced that it will hold a vision session at the ballpark on Jan. 7, 2023.

In the fall of 2022, Mr. Cohen shared his plan to pursue one of three commercial casino licenses available for the Downstate area. In early 2022, the Empire State Administration officially included fast tracking of licenses in its budget as a way to provide more revenue for the country's finances. Now the process should be accelerated by a year or so.

As mentioned, the event will be held at the ballpark on Saturday, January 7, 2023, and we urge Queens residents and staff to attend and give their opinions on the future of the property around the stadium. However, New Green Willett's press did not specify whether the Vision Session would investigate people about possible gaming properties in the area.

While it did not mention the casino project, the vision session points out that the area around Cityfield has long included 50 acres of empty and wasted opportunities. This space divides the neighbors and limits access to the waterfront. Whether the vacant land will be used as a possible place for Mr. Cohen's casino plans remains to be seen.

In November 2022, New York City Mayor Eric Adams announced plans for a 25,000-seat football stadium for New York City FC, which participates in MLS. The project also included the development of a new home for Willet Points. It was also reported that Cohen met with the mayor and other City Hall members to discuss potential development plans.

With these developments, Mr. Cohen's lobbying group, and a request for an official casino license, his proposal is likely ready to win in one of the three places. However, the billionaire's proposal will have to defeat some fierce competition, such as Caesars NT, Thor Equity, Stefan Soloviev, and more.

This week, New York's Gaming Facilities Location Committee held its first meeting, which succeeded in launching a request for Downstate casino license applicants. The Commission reports that applicants must agree to pay a $500 million licensing fee to the state while investing at least $500 million in each casino bid.

In the bid, applicants must provide a description of the expected competitive environment and the potential impact on existing gaming facilities over the next 10 years after starting the casino. In addition to this, the new panel must consider various factors in the financial aspects of the withdrawal of bids, such as job creation, job preparation with unions, and the ability to comply with reasonable construction plans.

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