Steve Cohen’s $33B Queens Casino Project Gains Momentum Now
UPDATE: The highly anticipated Metropolitan Park project, spearheaded by New York Mets owner Steve Cohen and Hard Rock International, has just taken a significant step forward. The development team submitted an additional application to the New York State Gaming Facility Location Board ahead of the October 14 deadline, reinforcing their ambitious $8 billion vision to transform parking areas around Citi Field into a major entertainment hub.
The project’s economic impact is staggering, with projections indicating it could generate over $33 billion in tax revenue over the next 30 years. According to developer estimates, the Metropolitan Park project will create approximately 17,000 direct construction jobs and an additional 25,000 indirect jobs, leading to a total of over 40,000 positions when considering secondary employment. Once operational, the complex is expected to sustain 6,000 permanent jobs.
Spanning 50 acres, the project will feature a 25-acre public park, a Hard Rock hotel and casino, and a Taste of Queens food hall that showcases local vendors. Additionally, the development includes essential upgrades to transportation and infrastructure, such as a redesigned Willets Point subway station and new pathways for pedestrians and cyclists.
On the financial front, the developers plan to pay a $500 million licensing fee upfront, along with proposing a 25% tax on slot machine earnings and 10% on table game profits. Once operational for three years, the casino is forecasted to generate around $3.9 billion annually, translating to approximately $850 million in tax revenue for the state and city.
The project has gained strong community support, with Hard Rock International emphasizing its commitment to creating a “world-class destination.” The team is poised to begin construction immediately upon receiving a license, which is expected to be decided in December. Plans include 5,000 slot machines, 375 table games, 30 poker tables, and an 18,000-square-foot sportsbook, promising to make it one of the largest gaming floors in the region.
Community engagement has been a priority, with the project team hosting 16 public workshops over the past four years and consulting tens of thousands of local residents. All six neighboring community boards have expressed their support, and the Community Advisory Committee recently endorsed the project.
Earlier this year, the project cleared significant legal hurdles when the City Council and state legislature voted to allow the commercial development of land previously designated as parkland. This pivotal change has paved the way for Cohen’s vision to become a reality.
As the competition heats up for downstate casino licenses, the Metropolitan Park project now competes against Resorts World in South Ozone Park and Bally’s in the Bronx. The Gaming Facility Location Board is set to announce the winning candidates by the end of the year.
This project promises not only to reshape the economic landscape of Queens but also to create thousands of jobs, making it a topic of immense public interest. Stay tuned for updates as this story develops.
