The member of the New York State Assembly Jeffrion Aubry introduced a potential bid to the legislation on Wednesday to allow Steve Coven, the Mets owner, to build a casino and an entertainment complex by demolishing the parking lots around the Citi Field.
The state lawmaker, who represents District 35, which includes Citi Field, came up with a bill on Wednesday to check the possibility of Cohen’s dream project. As per the bill, New York City is about to greenlight a casino on the vast 20 acres around the Baseball team’s Citi Field by terminating a parkland.
Ahead of the potential bid to acquire the license for a full-service casino, the owner of the New York Mets and the American Hedge Fund Manager has spent incredible amounts on lobbying efforts and campaign contributions.
Although the very bid is about to drag him into the stiff competition, it is clear that the risk is worth taking as his upcoming casino is planned to be built at the entrance gate of Queen’s Chinatown, a city where its people do not hesitate to cash out millions on gambling. But the dream project will only come true if he receives clearance from lawmakers.
In the wake of the latest bid, Aubry is rolling the dice in favor of Cohen as he wrote in the bill that the city fully authorized to “discontinue the use as parkland” as the 20 acres are entering into a contract with New Green Willets, LLC.
As per the bill, its motive is to solely leave the land to be used for “maintaining, operating and occupying’ it for gaming facilities. Right now, Aubry and the Queen’s borough president, Donovan Richards are over the moon as the duo has lately expressed their excitement regarding the casino concept near the ballpark.
Meanwhile, Karl Ricket, one of the spokespersons of Cohen added that the founder of the hedge fund, Point72 Asset Management, and his team are sincerely committed to bringing year-round entertainment, dedicated green space and appropriately paying local jobs.
Ramos, a Democrat, said in a statement that he is yet to verify the legislation. He also added that he had to ensure whether or not whatever was introduced to the city is prioritizing the community input.
Currently, the state is considering issuing the license in exchange for 500 million dollars which will allow Cohen to open casinos in any of the three New York City areas. In total, the Citi Field casino license bid would be one of the nine license proposals under development in the most populated American city.
Earlier this year, the New York Gaming Facility Board announced that they were accepting applications from which they will choose the winner who will ultimately get the chance to open a casino in New York City.
As the citing board, the application procedures were more like an auction as the winner was supposed to be chosen based on the amount they pay. The higher the bidding amount, the higher the chance to win the war.
Initially, all the applicants are supposed to pay $1 million as an application fee, and once the application is verified by the state, each of the selected applicants can choose to pay a minimum of $500 million, the highest amount ever charged by the United States.
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In exchange for the sumptuous amount paid by the winning bidder, the New York State has promised to provide a license to print money, especially in the most populous city of America where there are at least 1.2 million individuals of Asian descent.
The state further declared that the initial license would run from at least 10 to 30 years, and the criteria that affect the permit duration was nothing other than the investment of the winning applicant.
Following the state’s announcement, Vincent Tortorella, the close ally of Cohen, informed the lobbying commission via his new limited liability company, New Green Willets that he has plans to spend nearly $729,000 or at least the basic salary was given to an MLB player for land use issues.
In the middle of the chaos, a hedge fund analyst, who chose not to disclose his identity based on his company’s policy opined that Cohen’s gamble looks like it is a challenge to the Chinese immigrant market.
In addition to it, the anonymous analyst stated that the success of the Macau business indicated how well the Chinese population accepted gambling. Furthermore, he commented that net gaming revenue in the Chinese city had exceeded the gross revenue made by Las Vegas before the world pandemic.
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