Key Takeaways
- • Steve Cohen's Metropolitan Park casino proposal cleared its final local hurdle with a unanimous 6-0 vote from a Queens Community Advisory Committee, advancing to New York State Gaming Commission for final licensing approval expected by year-end.
- • The $8 billion integrated resort project would occupy 50 acres of parking lots adjacent to Citi Field, featuring a casino, restaurants, retail, and public green space in partnership with Hard Rock International.
- • Metropolitan Park is one of three downstate casino proposals advancing to final state review, competing against Bally's $4 billion Bronx project, Resorts World at Queens Aqueduct, and MGM's Empire City in Yonkers for three available licenses.
- • Each approved casino operator must pay $500 million upfront licensing fees plus commit $500 million in capital improvements, with ongoing annual taxes on gaming revenue flowing to the state.
- • The New York State Gaming Commission's Facility Location Board has already unanimously recommended approval of all three finalists, including Metropolitan Park, signaling strong regulatory support despite organized community opposition.
Summary
Steve Cohen's Metropolitan Park casino development cleared a critical approval threshold on September 30 when a Queens Community Advisory Committee voted unanimously 6-0 to advance his $8 billion proposal to the state level. The project represents the Mets owner's most substantial off-field investment, transforming 50 acres of parking infrastructure adjacent to Citi Field into a comprehensive entertainment destination featuring a full-scale casino, dining, retail, and public open space developed in partnership with Hard Rock International.
The unanimous local committee vote signals strong community backing as the proposal enters its final regulatory phase with the New York State Gaming Commission. According to Metropolitan Park's representatives, the decision "underscores the deep and broad community support behind Metropolitan Park." Cohen has positioned the project as an economic catalyst for Queens, emphasizing job creation and year-round destination appeal alongside the ballpark.
The proposal now competes in the final round against three other downstate candidates: Bally's planned $4 billion resort complex at Ferry Point in the Bronx, Resorts World New York City's development at the Aqueduct Racetrack site in Queens, and MGM's Empire City project in Yonkers. New York State will award three downstate casino licenses by year-end, meaning one of the four finalists will be eliminated. The New York State Gaming Commission's Facility Location Board has already recommended unanimous approval of the three projects—Metropolitan Park, Bally's, and Resorts World—suggesting the formal gaming commission decision, expected later this month, will likely follow the board's recommendations.
Each approved operator faces substantial financial commitments: $500 million in upfront licensing fees plus $500 million in required capital improvements, with annual taxes on gaming revenue payable to the state. While the facility location board's recommendations carry significant weight in the final approval process, the announcement was met with organized opposition, with critics raising concerns about casino expansion's impact on surrounding neighborhoods. The final regulatory decision from the full Gaming Commission is anticipated before year-end.
The unanimous local committee vote signals strong community backing as the proposal enters its final regulatory phase with the New York State Gaming Commission. According to Metropolitan Park's representatives, the decision "underscores the deep and broad community support behind Metropolitan Park." Cohen has positioned the project as an economic catalyst for Queens, emphasizing job creation and year-round destination appeal alongside the ballpark.
The proposal now competes in the final round against three other downstate candidates: Bally's planned $4 billion resort complex at Ferry Point in the Bronx, Resorts World New York City's development at the Aqueduct Racetrack site in Queens, and MGM's Empire City project in Yonkers. New York State will award three downstate casino licenses by year-end, meaning one of the four finalists will be eliminated. The New York State Gaming Commission's Facility Location Board has already recommended unanimous approval of the three projects—Metropolitan Park, Bally's, and Resorts World—suggesting the formal gaming commission decision, expected later this month, will likely follow the board's recommendations.
Each approved operator faces substantial financial commitments: $500 million in upfront licensing fees plus $500 million in required capital improvements, with annual taxes on gaming revenue payable to the state. While the facility location board's recommendations carry significant weight in the final approval process, the announcement was met with organized opposition, with critics raising concerns about casino expansion's impact on surrounding neighborhoods. The final regulatory decision from the full Gaming Commission is anticipated before year-end.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.