Posted on: 27/11/2024, 06:28h.
Last updated on: 26/11/2024, 04:31h.
In New York, entrepreneur Steve Cohen’s billion-dollar casino project in the borough of Queens has overcome an important hurdle. Earlier this week, county officials there gave their approval to the possible construction of the $8 billion casino resort.
With the OK from Queens, Cohen has taken a significant step toward realizing his ambitious casino project in New York. The billionaire and owner of the New York Mets baseball club announced last year that he wanted to build the casino resort on over 20 hectares of open space in front of the baseball stadium.
After thorough investigation, all five Queens borough councils tasked with reviewing the project agreed. The consent is a prerequisite for a successful application for the casino license.
The very rich was brought in to run the casino Hedge fund manager expert support on board. He plans for the gaming group Hard Rock International to take over the operation of the arcade. The company has extensive expertise in the management of land-based gaming venues through its numerous casinos.
As part of the approval process, the New York government determined that five community boards must approve the project in Queens. The reason for this is that the project extends beyond several district boundaries in the district. Therefore, the neighboring areas also had to agree.
Still a long way to get a license
For Cohen, however, approval of the Queens casino does not necessarily mean entry into New York’s lucrative gambling market. Cohen still needs approval from the borough president for final local support. However, since he has already publicly supported the project, this is considered safe.
With the district administration’s approval, the billionaire entrepreneur has a head start over his competitors. In many cases, these are still fighting against resistance and concerns from the districts. As long as these are not resolved, the chances of establishing a casino there are extremely slim.
The biggest hurdle is still obtaining one of the three planned permits for casino operations in the Big Apple. However, the investor still has to contend with another adversity.
The proposed property is currently still designated as green space and would have to be rededicated for structural use. Cohen has not yet been able to successfully push through the corresponding draft in the Chamber of Deputies. Until this has happened, local support is of no use to the entrepreneur.
