Steve Cohen’s $8 Billion Casino Plan Eyes Coveted Gaming License

Mets owner Steve Cohen is embarking on an audacious $8 billion project to transform the area surrounding Citi Field into a world-class entertainment hub named Metropolitan Park. This ambitious venture, developed in partnership with Hard Rock International, promises to feature a hotel, casino, 25 acres of green space, a 5,000-seat indoor music venue, a rebuilt transit hub, playgrounds, and a food hall inspired by local flavors.

However, the success of this transformative development is contingent upon securing one of the highly sought-after downstate gaming licenses from the New York State Gaming Commission.

With zoning approvals already in place and community engagement efforts underway, Cohen’s proposal is poised to elevate Queens, New York, into a vibrant destination. As competition for the gaming licenses heats up, the project’s fate hangs in the balance, offering a glimpse into the stakes and aspirations of this groundbreaking initiative.

Zoning Approval and Community Support

The project recently received zoning approval from the New York City Council, with a decisive 41-2 vote. Cohen emphasized the community benefits, stating, “From the very beginning we have been focused on creating something the community can truly be proud of.. It’s time the world’s greatest borough gets the investment it deserves”.

A look at the model for Steve Cohen’s $8 billion casino and entertainment complex ‘Metropolitan Park’:pic.twitter.com/hXPxC2vjNJ

— Front Office Sports (@FOS) January 25, 2025

The Gaming License Challenge

The success of Metropolitan Park hinges on securing one of three coveted downstate gaming licenses, set to be awarded by the New York State Gaming Commission by the end of 20255. Without the gaming license, the project will not proceed, as the casino revenue is a key source of private funding6.

Economic and Social Impact

The development promises to create 23,000 union jobs and transform the area into a world-class destination. Council Member Francisco Moya highlighted its significance, saying, “This project is about more than building a new venue – it’s about creating lasting job opportunities, transforming this area into a world-class destination, and elevating our local economy to unprecedented heights”.

The competition for the gaming licenses is fierce, with rival proposals in Times Square, Hudson Yards, and Coney Island. Cohen’s project aims to stand out by focusing on community engagement and delivering substantial local benefits.

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