Steve Cohen Proposes $8 Billion Queens Casino Scheme Named 'Metropolitan Park'
Steve Cohen, the owner of the New York Mets baseball team, has made public plans for a casino development near Citi Field in Queens, New York. This $8 billion project is called "Metropolitan Park" and is supposed to turn the currently unused Willets Point region into an entertainment hub, featuring 20 acres of park land, dining areas, a music venue, and a casino resort operated by Hard Rock International.
Cohen, the founder of the hedge fund Point72 Asset Management, aims to transform this barren area near his team's home arena into a source of excitement for the neighborhood. He explained, "It's time New York got the sports and entertainment park it deserves."
Rumors have swirled for quite some time that Cohen's preferred casino operator would be Hard Rock, a branch of Florida's Seminole Tribe. These suspicions appear to be confirmed by the presence of Hard Rock's name on the official Metropolitan Park website. Previously, it was thought that Cohen could opt to collaborate with Las Vegas Sands on a project near Citi Field. However, more recently, gossip prompted speculations that the Mets owner favors Hard Rock.
Cohen has been actively campaigning for the necessary political support to turn Willets Point into an entertainment destination with a gaming facility. This has involved contributing funds to influential politicians like Gov. Kathy Hochul and New York City Mayor Eric Adams.
However, several obstacles stand in the way of Cohen achieving his goal. For instance, the land on which Metropolitan Park would be built is designated as park land, meaning it would need to be rezoned for commercial use. Similar issues have arisen for other casino developers in New York.
Sen. Jessica Ramos, a Democrat representing the communities around Citi Field, has expressed her opposition to the change of the parkland designation. She has not budged from her stance and has planned another town hall meeting to discuss the proposal.
In contrast, the Queens Chamber of Commerce and Borough President Donovan Richards (D) are on board with Cohen's plan. Resorts World New York, which currently operates in the borough, was considered a strong contender for the bid back in 2020.
The timing of the awarding of the three downstate casino licenses is unknown, with possibilities ranging from next year to 2025. Despite this uncertainty, there's no denying the intense competition for these coveted permits. In addition to Cohen and Hard Rock, there are other bidders like Las Vegas Sands (Nassau County), Caesars Entertainment (Times Square), Wynn Resorts (Manhattan), and the current operators of MGM Resorts International and Resorts World. Speculation hints that the scandal surrounding executives at MGM Resorts and Resorts World might open the door for other operators to obtain licenses.
When making his case for the Queens casino bid, Cohen points to the large population of the borough (2.4 million residents), the millions of fans the Mets attracts each year, and the additional traffic due to events like the US Open and NYCFC of Major League Soccer games, which he believes will support the Metropolitan Park project.
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Source: www.casino.org
