Steve Cohen, owner of the New York Mets, has failed to land the support of Gov. Kathy Hochul, despite it being reported earlier that Hochul was going to use her 2025 budget to push through the proposed reclassification of Willet’s Point in Queens. Hochul has since stated that she has no intention of using her budget for this purpose.
Cohen Proposals
Although the plans are not completely dead yet, Hochul’s support would have been significant for Cohen, who has donated hundreds of thousands of dollars to Gov. Huchel and the New York State Democratic Committee. Cohen, in partnership with Hard Rock International, had proposed an $8 billion development to include green spaces, dining options, and entertainment venues.
The plans had early backing from New York Assemblyman Gary Pretlow, who is keen to establish more downtown casinos. However, State Sen. Jessica Ramos, who is widely expected to run for mayor, is opposed to the plans.
New York Gambling Regulations
New York was one of the first states to legalize sports betting, passing it into law in 2021. In 2022, they expanded regulations to include and permit online sports betting. Currently, online casinos and poker remain unregulated, with residents either visiting one of the state’s 30 or so physical casinos or using out-of-state iGaming websites. The best offshore casinos offer anonymous betting in addition to big bonuses and a wide game selection. According to casino expert Andrew O’Malley, these sites operate overseas, so do not need to abide by US gambling laws, hence their less restrictive nature.
Online Casino Regulation
Offshore casino websites do not pay taxes to the state, however, and this has led to many proponents calling for online iGaming to be regulated to include online casinos and poker. The most recent attempt, tabled by state senator Joseph Addabbo, would see 20 online casinos being granted licenses to offer betting apps.
Addabbo believes that the move could net the state as much as $1 billion in tax revenue. Opponents of the proposal state that regulating online casinos would cannibalize the state’s physical and tribal casino profits. Some believe that the state’s regulated online sports betting means the door is open to online casino licensing.
New Casino Licenses
Last year, the state agreed that it would assign three new casino licenses in downstate New York. The decision came after a 2013 public vote agreed to allow the development of Vegas-style casinos in the state. Numerous groups have been lobbying and drawing up plans to convince the state to award them one of the coveted licenses.
Casino Proposals
The Trump Golf Links site at Ferry Point in the Bronx was one site mooted for possible development, but many expected Cohen to have more than a fighting chance to have his proposal accepted.
The New York Mets owner, along with Hard Rock, planned to spend $8 billion developing an area next to the Mets stadium in Willets Point.
Other proposals have been put forward by Related Companies and Wynn Resorts, who want to develop an area in Hudson Yards: they have detailed their plans to use the nearby Javits Center to encourage upscale convention attendees to their gambling hall.
SL Green Realty Corp. and Caesars Entertainment want to build a vertical casino at 1515 Broadway and the group has promised to dedicate some of the profits from the venture to sanitation and safety programs in the neighborhood.
Joseph Sitt, of Thor Equities Group, is working with Saratoga Casino Holdings and the Chickasaw Nation and wants to build on Coney Island in Brooklyn. The plans also include hotels and an indoor water park.
What Next For Cohen?
The process of negotiating and ultimately agreeing on the new licenses will be a lengthy one, and while Huchel’s decision has put a dampener on Cohen’s plans, she did not withdraw support fully. Instead, she stated that she would not use her budget for that purpose.
Huchel may still lend her weight to Cohen, one of her major donors. In 2021, Cohen and his wife, Victoria, donated more than $130,000 to Huchel, and they followed this up with a $235,000 donation to the New York State Democratic Committee just this year. There are currently around 25 to 30 casinos in the state of New York, including tribal casinos, licensed casinos, and racinos.
Conclusion
New York already has a regulated online sports betting market as well as dozens of physical casinos within the state. And, following a public vote in 2013, followed by Albany officials announcing they would grant three new casino licenses in downstate New York, several groups have been vying to be one of the recipients of these new licenses.
Mets owner Steve Cohen may have been hoping for the support of Gov. Kathy Huchel but that hasn’t come, at least not yet, after she announced that she would not be using her 2025 budget to push proposals to change land use requirements for an area next to the Mets stadium.
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