realestate

New York Casino Bill Aims to Clear Path for Flushing Development

Sen. Jessica Ramos' casino blockage may not last; Gov. Kathy Hochul's 2025 budget plan could revive Steve Cohen's Citi Field project.

S
enator Jessica Ramos may have temporarily blocked Steve Cohen's plans for a casino near Citi Field, but a comeback could be on the horizon. Governor Kathy Hochul is set to introduce legislation in the 2025 state budget that would allow city parkland to be used for a gambling complex, including a potential site near Citi Field. This move could benefit Cohen's Metropolitan Park project, which has an $8 billion vision and 81 years left on its ground lease.

    However, Ramos is opposed to the idea, calling it "unfortunate" that Hochul would break precedent by introducing such legislation. The optics of this move are also problematic, given that Cohen and his wife were major donors to Hochul's 2021 gubernatorial campaign. Nevertheless, clearing land-use obstacles could benefit other bidders in the downstate casino race as well, including Bally's Bronx proposal.

    The competition for one of three downstate gaming licenses remains fierce, with the racinos at Aqueduct and Empire City largely expected to secure two of them. However, a Nevada Gaming Commission investigation has cast doubt on Aqueduct's chances, leaving the door open for other contenders like Cohen's Metropolitan Park.

New York lawmakers propose casino bill to spur development in Flushing Meadows.