A proposed $8 billion casino and entertainment project headed by Steve Cohen next to Citi Field in Queens, New York, moved forward following a closely contested vote last week.
A New York State Senate committee voted 4-3 in favor of a bill allowing the New York Mets’ billionaire owner, Cohen, to build on a 50-acre section of parking lot adjacent to the team’s ballpark.
Economic Footprint of the Cohen Proposed New York Casino Development
The bill, proposed by State Sen. John Liu, whose district covers part of the development area, would transform the neglected Willets Point lot into “Metropolitan Park,” a hospitality and entertainment hub featuring a casino, hotel, and new green spaces. Additionally, the project is expected to create 23,000 union jobs and provide public transit enhancements.
“For decades, these 50 acres of asphalt have only been parking lots,” Karl Rickett, a spokesperson for the Metropolitan Park project, said in a statement. “Today’s committee approval brings us one step closer to delivering 25 acres of actual public park space, 23,000 union jobs, new entertainment options, and over $1 billion in community benefits for Queens.”
Cohen is among approximately a dozen applicants vying to secure one of three downstate licenses to build full-scale casinos in New York City, Long Island, and Westchester. The hedge fund titan, whose net worth is valued by Bloomberg Billionaires Index at $14.8 billion, has been pushing the project since 2023, when he revealed plans to partner with Hard Rock International Inc.
Cohen has pledged over $100 million in contributions toward revitalizing the area if his casino plan is approved. MGM’s Empire City Casino in Yonkers and Genting’s Resorts World New York in Queens are considered favorites to land two licenses, while Saks recently removed itself from the competition.
First, Cohen and Co. must overcome opposition from State Sen. Jessica Ramos, who represents the district encompassing the Metropolitan Park location. Ramos has repeatedly resisted efforts to move forward with the project.
“My position has not changed,” she told the New York Post last month. “I cannot support a casino in Corona and am a definitive no on any alienation bill that goes against my neighbors’ wishes.”
Applications for licensing are due by June 27. The New York Gaming Commission (NYGC) will award up to three licenses by the end of 2025.
Cohen Seeks to Boost Bid with Alternative Project
New York is one of the country’s top gaming jurisdictions. In 2024, the Empire State generated $2.1 billion in revenue from sports betting.
As Cohen seeks to gain a foothold in that market, he’s earned his share of supporters.
Liu took to the social media site X (formerly Twitter) last month to express his support for the project. He said he was “encouraged” by Cohen’s promise to spend $100 million to enhance Flushing Meadows Corona Park.
“In that spirit,” Liu said, “I’ll introduce legislation to make these benefits possible.”
Hoping to boost their bid, Cohen and Hard Rock recently announced a partnership with Slate Property Group to develop 450 affordable housing units about two miles from the Metropolitan Park site.
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