New York Mets owner Steve Cohen won approval to operate a casino next to Citi Field in Queens, one of three projects the state Gaming Commission tapped for gambling licenses in New York City.

Cohen, the hedge fund mogul who submitted an $8 billion casino proposal with partner Hard Rock International, was picked alongside Genting Group’s Resorts World and Bally’s Corp. Genting proposes to expand a casino next to the Aqueduct racetrack in Queens, while Bally’s plans to operate a gaming facility at the site of a Bronx golf course previously developed by President Donald Trump. Bally’s shares jumped as much as 11.5%.

“The sizeable population within a two-hour drive will support sustained visitation supplemented by domestic and international travelers,” board member Greg Reimers said Monday. “Each proposal presents a strong competitive positioning based on brand strength, amenities and facility design.”

The decisions Monday by the commission’s facility location board brings the state near the end of a decade-long process to award as many as three casino licenses in New York’s densely populated downstate region, where the number of potential gamblers offers the prospect of large profits for gaming operators and a robust source of tax revenue for New York.

The winning bids also stand to transform parts of the boroughs outside of Manhattan with the promise of thousands of permanent new jobs, entertainment and nightlife.

“The three projects approved today promise to unlock billions in funding for the MTA and create tens of thousands of jobs. It is critical that they keep those promises,” New York Governor Kathy Hochul said in a statement.

Cohen, who purchased the Mets in 2020, plans to build his Metropolitan Park complex on what’s currently a parking lot next to the team’s baseball stadium in Flushing, Queens. In addition to a gaming facility, the complex will include a live entertainment venue, multiple restaurants, shops, a hotel and convention center, allowing Cohen to make money from the space year-round.

The project, slated to be completed in 2030, is expected to create 17,000 construction jobs and 6,000 permanent jobs. By its third year in operation, the complex is expected to make $3.9 billion in revenue, generating more than than $850 million in taxes, according to an application document. Cohen offered to pay a tax rate of 25% on revenue from slot machines and 10% for table games.

Cohen, who runs the $41.5 billion hedge fund firm Point72 Asset Management, has a net worth of $17.4 billion, according to the Bloomberg Billionaires Index.

The gaming commission is expected to award the licenses by year-end. The process drew widespread interest from real estate owners and developers, many of whom jumped at the chance to wring cash from undeveloped parcels. Eight developers submitted bids, three of which were for sites in Manhattan.

Billionaire Stefan Soloviev proposed developing the site of a decommissioned power plant on Manhattan’s East Side, while SL Green Realty Corp. and Caesars Entertainment Inc. pitched bringing a casino to Times Square. Thor Equities vied for a casino in Brooklyn’s Coney Island, and Silverstein Properties pushed to turn an empty lot near the Jacob K. Javits Convention Center into a 1.8 million-square-foot tower with a hotel, restaurant and gaming facilities.

Ultimately, just four proposals were approved by community advisory committees, with all three Manhattan bids failing despite the potential for billions of dollars in revenue. Promises that included generating thousands of union jobs and building affordable housing couldn’t overcome community opposition that dogged proposals for a Manhattan gaming site.

The process drew consternation from City Hall, which slammed the community board decisions as rushed and depriving “New Yorkers living and working in Manhattan of the opportunity for $23.9 billion in economic impact and more than 31,000 jobs.”

MGM Resorts International, which won approval from the community board for its plan to expand its existing Empire City casino at Yonkers Raceway, dropped out of the competition in October.

Resorts World proposed investing $7.5 billion to build a resort on the site that would include 2,000 hotel rooms, an arena, and more than 30 restaurants and bars. The company, part of Malaysia’s Genting Group, proposed the highest tax at 56% on slot machines for the project.

State regulators will set the final tax rates, with the possibility that different operators pay different rates.

Bally’s, which is proposing a $4 billion resort with a hotel and event center at a company-owned golf course in the Bronx, is projecting $1 billion a year in gambling revenue when it opens. It will create 15,000 union jobs during construction and employ almost 4,000 people once operational, according to application documents. The property would generate $200 million annually in gaming-related taxes, Bally’s has said.

Trump Organization, the company managed by the president’s sons, has also emerged a winner in the process. The company stands to receive a $115 million contingency payout from Bally’s as part of the gaming operators’ deal to take over the lease on the Bronx site, according to testimony made public in a civil trial involving the president.

https://www.bloomberg.com/news/articles/202...-casinos-in-nyc

delist from bursa, after than relist in US

who want to waste time in bursa? the most shopping mall

Msian chinese bizman know where to park money

If put in msia later all kena 30% quota

Congrats Genting going global now yo

Hope they keep growing and become global heavyweight

huat ah

Genting face constant threats and uncertainty from holier than thou politicians. It is natural for them to invest in overseas.

This post has been edited by icemanfx: Today, 04:41 AM

PuAS happy?

Genting delist from Bursa

Lol...their las vegas losing money. U tink their new york casino will profit witb their style of management? Lol

What is gambling like actually,is it fun?i am not desperate to try but people seems so happy when they come accross gambling.

And some of the haram people will say haram this haram that, but behind the pung-kok investing in it very high

Baru 1st page .

Yes, PuAS hati

if the players don't go to vegas, vegas comes to the players!!..

Why don't you go and try? Some experience won't kill you.

Wow, another billions coming to genting.

Jangan terpedaya. Mana tahu dia pakai proxy jalan pintu belakang pakai proxy. Indah mata memandang.

This post has been edited by danielmckey: Today, 08:55 AM

Even the gaming global heavyweights all losing tonnes of money 🤦‍♀️ so what to be proud of

Casino is money sucking venture as times have change

Online gambling and predictive markets are future as the current younger generation doesn’t gamble physically as much

If you been to Vegas RW location is horrible

Gambling is just another type of entertainment unfortunately it comes with costs

You can try but make sure willpower is strong otherwise you will get sucked to the vortex

They may know something is up for Genting Highlands & decided to have back up.

Dream on 🤦‍♀️ look at RW proposal itself and the location is bound to be losing money

56% of slots revenue directly goes to NY while building next to racetrack is too much of option for punters to choose from hence gaming revenue being all over the place

For casino to make money it is high rollers is the one which is profitable that is why Genting for so many years still cannot enter into Macau