New York Mets owner Steve Cohen and rap star Jay-Z are promising significant financial packages to New York City as their battle for one of the three NYC casino licenses continues.

Both billionaires were first reported to be in competition for the license in 2022, alongside Stefan Soloviev, Stephen Ross, and John Catsimatidis.

It’s no surprise moguls are gunning for one of the licenses as more and more Americans are becoming interested in gambling. Not only are they paying visits to brick-and-mortar casinos but they’re also playing online. Instant payout casino sites have emerged as the top option in the US due to fast transactions and generous bonuses. Most of them are crypto-friendly and some require nothing but minimum registration information, enabling near-anonymous gambling.

While the popularity of online gambling grows, New York City is still waiting for its new casinos with three licenses for downstate on offer. However, it looks like the process will take even longer with new delays emerging.

In an attempt to win over the community, both Steve Cohen and Jay-Z have sweetened their proposals, pledging large amounts of money to the city.

Cohen has promised to build his “Metropolitan Park” entertainment hub in the Willets Point area west of Citi Field. The plan includes a Hard Rock Casino as well as 25 acres of green space.

Hedge fund billionaire and Mets owner also said he’ll build parks, athletic fields and a new stadium for the New York City Football Club. In addition, he announced accessibility upgrades to the Mets-Willets Point 7-train stop.

The project would also include work on roadways and cycling paths as well as a community impact fund worth $163m that would provide grants to local Queens nonprofits.

The project is worth 8 billion and would create over 23,000 jobs. There are some challenges though as the area is currently zoned as parkland and would have to be rezoned to accommodate a casino.

At the same time, Jay-Z and his Roc Nation who are working with Caesars Entertainment and SL green Realty, are looking to gain favor of the community for their casino bid. As a part of the deal, the Hell’s Kitchen would get $250 million in grants based on 0.5% of the casino’s performance.

The rap mogul has now also pledged an initial $15 million to the community. Jay-Z said that there’s no doubt whoever wins the license will profit. That’s why he and his partners will be looking to give back to the community as much as possible. He added that the goal of their project is to have the Hell’s Kitchen, as well as surrounding areas and businesses benefit from it long-term.

The community recently shut down Stefan Soloviev’s bid despite him sweetening the deal by promising 513 affordable housing units. Despite pledging large financial commitments, both Cohen and Jay-Z could see their bids rejected as elected officials remain concerned about the casino proposal.

The decisions on all new casino licenses in New York City are not expected to be made until the end of 2025.