Key Takeaways
- • Steve Cohen, owner of the New York Mets, secured final gaming approval from the New York State Gaming Commission to build and operate an $8.1 billion casino and resort project adjacent to Citi Field in Queens, marking a landmark real estate and gaming development in the New York metropolitan area.
- • The project, developed in partnership with Hard Rock International, will include a Hard Rock Hotel & Casino and sportsbook across a 50-acre footprint near the Mets' stadium, positioning it as a major mixed-use development in Queens.
- • New York State approved three casino operators for the city: Cohen near Citi Field, Bally's in the Bronx, and Resorts World in Queens, expected to generate billions in tax revenue for the state and city.
- • The gaming license issuance represents the culmination of a multi-year effort by Cohen to establish a large-scale integrated resort destination adjacent to his sports franchise, combining entertainment, hospitality, and gaming operations.
Summary
Steve Cohen, the majority owner of the New York Mets, has obtained final approval from the New York State Gaming Commission to develop and operate an $8.1 billion casino and resort project in Queens, directly adjacent to Citi Field. This approval marks a significant milestone in the transformation of the Queens waterfront and represents one of the largest integrated gaming and hospitality developments in the Northeast.
The project, executed in partnership with Hard Rock International, will span approximately 50 acres and include a Hard Rock Hotel & Casino facility along with an integrated sportsbook operation. The scale and scope of the development underscore Cohen's strategic vision of leveraging his ownership of the Mets to create a diversified entertainment and hospitality ecosystem around the franchise's home stadium.
The New York State Gaming Commission's approval of Cohen's project was part of a broader licensing decision that authorized three casino operators for New York City. In addition to Cohen's Queens project near Citi Field, the commission approved Bally's for a Bronx location and Resorts World for another Queens site. These three projects are collectively expected to generate substantial tax revenue for both the state and city, addressing long-standing policy objectives around gaming expansion in the New York metropolitan region.
Cohen had pursued this casino development through an extended negotiation process with the city, ultimately reaching a formal agreement that cleared the regulatory pathway for licensing. The gaming commission's decision removes the final significant hurdle for construction and operations, allowing the project to move toward development and eventual opening. For Cohen, the approval represents a substantial diversification of revenue streams beyond baseball operations and establishes a flagship resort property that integrates his sports franchise with hospitality and gaming assets.
The project, executed in partnership with Hard Rock International, will span approximately 50 acres and include a Hard Rock Hotel & Casino facility along with an integrated sportsbook operation. The scale and scope of the development underscore Cohen's strategic vision of leveraging his ownership of the Mets to create a diversified entertainment and hospitality ecosystem around the franchise's home stadium.
The New York State Gaming Commission's approval of Cohen's project was part of a broader licensing decision that authorized three casino operators for New York City. In addition to Cohen's Queens project near Citi Field, the commission approved Bally's for a Bronx location and Resorts World for another Queens site. These three projects are collectively expected to generate substantial tax revenue for both the state and city, addressing long-standing policy objectives around gaming expansion in the New York metropolitan region.
Cohen had pursued this casino development through an extended negotiation process with the city, ultimately reaching a formal agreement that cleared the regulatory pathway for licensing. The gaming commission's decision removes the final significant hurdle for construction and operations, allowing the project to move toward development and eventual opening. For Cohen, the approval represents a substantial diversification of revenue streams beyond baseball operations and establishes a flagship resort property that integrates his sports franchise with hospitality and gaming assets.
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