Hochul Could Rescue Donor Cohen’s Queens Casino Bid

Posted on: October 9, 2024, 04:29h. 

Last updated on: October 9, 2024, 04:29h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

In what could be a case of it paying to have friends in high places, New York Mets owner Steve Cohen’s effort to bring a casino hotel to Queens could be rescued by Gov. Kathy Hochul — a Democrat to whom the billionaire financier is a major donor.

Seneca Nation New York gaming compact
New York Gov. Kathy Hochul speaks to reporters on June 7. Her 2025 budget could contain a provision boosting the Queens casino plan. (Image: AP)

The New York Post broke the news earlier today, citing unidentified sources that said Hochul’s 2025 budget could include a provision that would allow parkland to become suitable for gaming venues. Earlier this year, the Queens casino plan, known as Metropolitan Park, suffered what some believed was a fatal blow when State Sen. Jessica Ramos (D-Queens) refused to author legislation that would strip Willets Point of its parkland designation. She represents the Citi Field area and has balked at the district becoming home to a casino.

New York Assemblyman Gary Pretlow (D-Mount Vernon) who’s long pushed for expediting the downstate casino process authored a bill in the lower chamber that would’ve pulled Willets Point’s parkland classification, but companion legislation didn’t emerge in the State Senate.

While he supports Hochul broadening the uses of parkland in her budget proposal, Ramos does not. She told The Post that would be an “unfortunate” move by the governor. Ramos is believed to be considering a run for mayor of New York City.

Cohen Wooing New York Democrats

Cohen and Hard Rock International are pitching an $8 billion project known as Metropolitan Park, which if approved, would include entertainment venues, green space, and local eateries.

As part of the effort to land one of the three downstate casino permits, Cohen has been a major donor to New York Democrats in recent years. State election records show he and his wife Alexandra contributed $136,700 to Hochul’s campaign in 2021. From Jan. 1, 2023 through July 11, 2024, Cohen donated $235,000 to the New York State Democratic Committee, reports Gothamist.

The Post reported that earlier this year, Cohen and his wife hosted Hochul in a luxury suite at Citi Field for a Mets game, drawing rebuke from some New York political observers who said that could be a sign the governor was displaying favor to the Queens casino plan.

Hochul’s 2025 budget is expected to be released in January and it could include expansion of the Uniform Land-Use Reform Process (ULURP). Cohen and Hard Rock could also push another politician besides Ramos to sponsor a bill to join Pretlow’s legislation to alter the classification of Willets Point. That’s an indication Queens casino backers have options and Ramos can’t hold the effort hostage on a permanent basis.

Hochul Move Could Help Other Casino Plans

While Hochul introducing a budget featuring expansion of the ULURP could be seen as favoring Cohen, the move could benefit some other downstate casino efforts, including Bally’s plans in the Bronx and the Related Cos./Wynn Resorts proposed development on Westside of Manhattan.

At the golf course formerly known as Trump Golf Links at Ferry Point, Bally’s faces a parkland classification issue similar to what’s being contended with in Queens. Assemblyman Michael Benedetto (D-The Bronx) represents the district that includes Ferry Point and he said in May he won’t propose a bill to alter the classification of that land.

On the Westside, Related and Wynn proposed a $12 billion development, but it’s being opposed by the High Line and other groups that want to preserve the iconic park of the same name.