Steve Cohen’s plan to build an $8 billion casino and entertainment complex in Queens next to Citi Field gained a key vote in Albany that could prove critical to the project.
A New York state Senate committee voted 4-3 on Tuesday to approve a bill that would allow the hedge fund billionaire, who owns the Mets, to build on the 50-acre parking lot adjacent to the stadium where the baseball team plays.
The prognosis for Cohen’s project once looked grim. In May 2024, Democratic state Senator Jessica Ramos, whose district includes the proposed casino, announced she wouldn’t support the project or sponsor legislation necessary for it to advance. Such a decision would typically prove fatal in a legislative body where leadership defers to local elected leadership in zoning and real estate matters.
But Queens Democratic Senator John Liu, whose district includes a small portion of the proposed complex, quietly introduced legislation this year that would grant Cohen the ability to use a portion of state parkland for commercial purposes.
Most bills that pass committee eventually get full approval in the state Senate. Assuming that happens, the legislation would also need to pass in the Assembly before heading to Governor Kathy Hochul’s desk for her signature.
Cohen is one of nearly a dozen applicants vying for up to three available licenses to build full-scale casinos in New York City, Long Island and Westchester. Applications for the coveted licenses will be due by June 27, and the state’s Gaming Facility Location Board will make a decision on which licenses to grant by December.
Cohen purchased the Mets in 2020 for $2.4 billion. A casino in Queens would generate $1.9 billion in annual revenue, according to an analysis by Spectrum Gaming Group.
Cohen revealed plans in 2023 to partner with Hard Rock International Inc. on the casino and entertainment complex called Metropolitan Park. The complex would include 20 acres of new park space, athletic fields, a renovated mass transit station and a food hall with local purveyors.
“For decades, these 50 acres of asphalt have only been parking lots,” Metropolitan Park spokesperson Karl Rickett 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.”
The hedge fund magnate, worth $17.3 billion, according to the Bloomberg Billionaires Index, launched a multi-million dollar lobbying and public relations effort to win support for his casino. Cohen and his wife, Alexandra, have given more than $4.8 million in donations to state-level candidates and committees since 2018, including more than $1 million to the New York State Democratic Party, and $120,000 to the state’s Democratic Senate Campaign Committee, public campaign finance records show.
The casino developments will help support mass transit. Casino-license revenue will go to the Metropolitan Transportation Authority, which runs the city’s transit network, to help balance operating budgets starting in 2026. The MTA will also receive a portion of gaming-tax revenue, depending on the locations of the casinos.
Other proposals for a New York City-area gaming license include: a casino in Times Square backed by Caesars Entertainment Inc. and SL Green Realty Corp., a complex at Hudson Yards sponsored by Related Cos. and Wynn Resorts and a complex proposed by Bally’s Corp. in the Bronx adjacent to a golf course once operated by President Donald Trump.
