Casino License Contenders in New York Strengthen Projects: Willets Point and Times Square
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Steve Cohen and Jay-Z bolster their bids for casino licenses in New York. Projects include a casino in Willets Point and Caesars Palace in Times Square with social initiatives.
Casino License Contenders in New York Strengthen Proposals
Competition for the three casino licenses in New York is intensifying, with contenders enhancing their projects by including social initiatives and urban infrastructure improvements. Notable among them are Steve Cohen's Willets Point project and the joint proposal from Caesars, Roc Nation, and SL Green for Times Square.
Steve Cohen’s Project: Willets Point
Project Cost: $8 billion.
Main Facility: Hard Rock Entertainment Casino.
Development Area: 202,343 m², with half allocated to green spaces.
Metropolitan Park: Recreational zone (80,937 m²) and sports facilities (20,234 m²).
Initiatives:
Improved transport infrastructure (roads and bike lanes).
Community Impact Fund: $163 million for Queens-based nonprofits.
Jobs: The project will create over 23,000 new jobs.
Caesars Palace Times Square Project
Joint Proposal: Caesars, Roc Nation, SL Green.
Main Facilities:
23,225 m² casino.
950-room hotel.
Entertainment venues.
Jay-Z’s Initiatives:
$15 million for community support.
0.5% of casino profits allocated as grants for Hell's Kitchen and other neighborhoods.
Social Responsibility: The project aims to provide long-term support for the Times Square and Broadway areas.
Competition:
A total of 11 bids are competing for the licenses, with other major proposals in the mix. A decision on the winners is expected by the end of 2025.