Hochul Denies Report She Plans to Help Steve Cohen’s NYC Casino

New York Governor Kathy Hochul denied a report that she plans to ease the way for billionaire Steve Cohen, one of her political donors, to build a casino and entertainment compex next to Citi Field in Queens.

Bloomberg
Published11 Oct 2024, 02:47 AM IST
Hochul Denies Report She Plans to Help Steve Cohen’s NYC Casino
Hochul Denies Report She Plans to Help Steve Cohen’s NYC Casino

(Bloomberg) -- New York Governor Kathy Hochul denied a report that she plans to ease the way for billionaire Steve Cohen, one of her political donors, to build a casino and entertainment compex next to Citi Field in Queens.

Democratic lawmakers were incensed this week after the New York Post reported that the Democratic governor was planning to leverage the state budget process next year so that Cohen can receive state approval to use parkland for his $8 billion project. Such a move would extend a lifeline to Cohen’s bid, which was dealt a potentially fatal blow in May when a lawmaker who represents the area said she wouldn’t support the plan. 

“I have had no intention of putting this in my executive budget,” Hochul told reporters in Albany Thursday.

If Hochul were to circumvent the legislature by effectively granting Cohen the right to use the parkland for the casino project, it would break a longstanding Albany tradition of deferring to local officials on land use issues.

That would be an “inappropriate use of the budget process,” state Senate Finance Chair Liz Krueger said.

Cohen has failed so far to win legislative approval over the opposition of the local lawmaker, state Senator Jessica Ramos, a progressive from Queens who is running for mayor in 2025. 

She says constituents prefer keeping the parkland rather than turning it over for a casino adjacent to the ballpark where Cohen’s New York Mets play. Ramos has expressed openness to supporting the construction of a convention center and hotel on the site, but not a casino.

Other legislators could theoretically introduce a bill of their own to streamline the process for Cohen. None have done so so far.

State officials are expected to grant as many as three casino licenses by the end of 2025 in New York City and the surrounding suburbs. Potential competitors for the right to operate a casino in the nation’s largest metropolis include include a partnership between Related Cos. and Wynn Resorts Ltd. as well as a joint effort by SL Green, Caesars Entertainment Inc. and Roc Nation. Cohen is working with Seminole Hard Rock on his plans. 

Other potential sites are Aqueduct racetrack in southern Queens and Empire City in Yonkers, an electronic gaming facility. 

Cohen, who has previously donated to Republican Donald Trump, has been a top supporter of Hochul more recently. He has become the top donor to New York Democrats this election cycle with nearly $250,000 in gifts to the state party since the beginning of 2023, according to campaign records. Those donations come at a time when Hochul is leaning on the state party to help Democrats flip congressional seats that could determine her political future.  

Hochul is putting an intensive effort into shoring up the state party, after she was blamed by former House Speaker Nancy Pelosi for Democrats’ loss of control in Congress in 2022, when Republicans put up an unexpectedly strong showing in deep blue New York, winning four seats in the midterm races. 

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

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First Published:11 Oct 2024, 02:47 AM IST
Business NewsNewsHochul Denies Report She Plans to Help Steve Cohen’s NYC Casino

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