WASHINGTON (dpa-AFX) - Billionaire hedge fund manager Steve Cohen just got the green light to build one of New York City's first major casinos, a big step after years of pushing and community discussions.
On Monday, the New York State Gaming Commission approved three casino plans, including Cohen's Metropolitan Park project, which will sit right next to Citi Field in Queens, where the New York Mets play.
This $8 billion development, backed by Cohen and Hard Rock International, is set to start construction in January and aims to open its doors in 2030.
It will feature a casino, hotel, live entertainment venue, and a food hall, completely changing an area that's mainly filled with scrapyards and auto repair shops.
Cohen, who owns the Mets and runs the hedge fund Point72, mentioned that the goal of this project is to improve the neighborhood around the ballpark.
The commission also gave the nod to proposals from Bally's Corporation for a site in the Bronx and Genting Group's Resorts World in Queens.
Each of these projects will pay a hefty $500 million licensing fee, and the state thinks these three casinos could rake in about $5.5 billion in revenue by 2033.
Supporters are pointing out the potential for job creation and increased tax revenue, while critics are raising concerns about social issues like gambling addiction and the economic impact on local immigrant communities.
Even with some protests, state lawmakers see the casinos as a way to help boost public finances.
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