Place your bets!
Billionaire Mets owner Steve Cohen’s bid to open an $8 billion casino complex next to his team’s Citi Field ballpark could be a winning one.
His odds of snagging one of the coveted state gaming licenses went up — along with those of the Aqueduct Racetrack and Yonkers Raceway slot parlors — after two of the other casino proposals on the table went bust.
“Steve Cohen’s proposal is the strongest contender — by a pretty large margin,” said John Sabini, former chairman of the New York State Racing and Wagering Board, the precursor to the current gaming commission.
On Wednesday, two Manhattan state siting boards rejected two of the proposals after fierce neighborhood opposition: One from the partnership Caesars/Jay-Z-Roc Nation and SL Green for a casino in Times Square, and the other by Silverstein Properties on the Far West Side, near Hudson Yards.
In the aftermath, Cohen’s “Metropolitan Park” proposal with Hard Rock emerged as a top contender — along with Genting Resorts World at Aqueduct and MGM Empire City at Yonkers, two existing slot parlors vying for the right to offer live table games, such as craps, blackjack, poker and baccarat.
Both of the “racinos,” have been in business for two decades and have a strong record with gaming regulators and generating millions of dollars in revenue for the state over the years, Sabini noted.
“Yonkers MGM and Genting Resorts World are the top contenders — easily,” he told The Post.
“They can open quickly. They’ve been prepared for some time.”
Because it’s been operating for years, the Genting Resorts World has not been met with the neighborhood backlash other bidders have faced, said Queens state Sen. Joe Addabbo, whose district borders the site.
“Resorts World has been a good neighbor,” said Addabbo, noting the facility was used as a COVID vaccination site and management and employees helped neighbors recover from Superstorm Sandy.
Still, “Nothing should be taken for granted.”
Of the new entrants, the Cohen-Hard Rock casino bid in Flushing-Corona, Queens is clearly top of the class, according to Sabini.
It’s an amazing turnaround for the proposal, after overcoming initial resistance from the local state senator, Jessica Ramos, who opposed passing a law to allow the vacant lots surrounding Citi Field to be re-designated from parkland to commercial use for a casino.
The state Senate and Assembly approved the bill in the spring, and the bid has garnered strong support from local politicians and community boards.
It will likely be approved by the local siting board for further consideration by state regulators, experts predicted.
A former state gaming official also agreed that the bids from Cohen and the two racinos were the top three contenders.
“Steve Cohen is in much better shape than he was before,” said Bennett Liebman, who served as deputy secretary for gaming and wagering under former Gov. Andrew Cuomo.
“Genting Resorts World has always been in good shape,” he said.
Liebman said the MGM Yonkers proposal did not have the wow factor of others bidders, but its chances improved after the glitzy Manhattan plans were rejected.
Meanwhile, Bally’s bid to open a casino on President Trump’s former golf property at Ferry Point in The Bronx and a consortium’s proposal to erect a casino in Coney Island are considered the next tier of “dark horse” projects, Sabini said.
He rated Bally’s slightly ahead of the Coney proposal, from a partnership that includes Thor Equities, Chickasaw Nation’s Global Gaming Solutions, Saratoga Casino Holdings and Legends Hospitality Group — which has encountered intense neighborhood opposition.
The state Gaming Commission will award up to three casino licenses by year’s end after getting recommendations from the state gaming facilities location board.
One source familiar with the bidding process said a tough decision that state gaming regulators have to make is whether to award a license to a bidder that is close to the current racinos, which could cannibalize their business.
The proposed Cohen-Hard Rock casino is about 10 miles from Aqueduct’s Genting Resort World and Bally’s isn’t far from MGM’s Empire City Yonkers raceway facility.
There is still one Manhattan proposal in contention, developer Stefan Soloviev and Mohegan Sun’s “Freedom Plaza” casino bid along the East River.
Sources said the proposal has faced stiff neighborhood opposition and will likely be rejected when it comes up for a vote by the gaming commission’s community advisory committee on Monday.
“There’s a lot more opposition than support in the community,” said Assemblyman Harvey Epstein, who represents Midtown East and has an appointee on the board voting on the proposal.
“Hundreds of residents have contacted me. They don’t think it’s an appropriate location for a casino.”
Read the full article here
