Steve Cohen’s bold $8 billion imaginative and prescient for a on line casino and leisure vacation spot close to Citi Area in Queens took a significant step ahead this week, after a intently contested vote by a New York state Senate committee gave the challenge very important legislative traction.
Key laws clears preliminary hurdle in Albany:
On Tuesday, April twenty ninth, a state Senate committee handed a invoice 4-3 that will reclassify a 50-acre part of parking zone adjoining to Citi Area—presently designated as parkland—for industrial growth. This transfer is essential for Cohen’s plan, which hinges on changing the underused Willets Level lot into “Metropolitan Park,” a mixed-use complicated that includes a on line casino, lodge, new inexperienced areas, and leisure venues.
The invoice, launched by State Senator John Liu, whose district consists of a part of the event space, opens the likelihood for Cohen and his associate Onerous Rock Worldwide to submit a proper bid for one of many restricted downstate on line casino licenses. The Gaming Facility Location Board requires candidates to resolve any zoning or land use issues earlier than the submission deadline of June 27.
This legislative growth is especially notable provided that State Senator Jessica Ramos, who represents nearly all of the district the place the on line casino could be positioned, publicly declined to assist the initiative in 2024. In New York state politics, such native opposition can usually stall or derail large-scale actual property efforts.
As Bloomberg reported by way of Audacy, regardless of Ramos’ objections, Liu’s backing and the committee’s slim approval sign renewed momentum for the challenge.
Metropolitan Park would span the asphalt heaps close to Citi Area and incorporate 25 acres of latest park area, athletic services, transit station enhancements, and a meals corridor showcasing native distributors. Based on Cohen’s staff, the challenge might generate roughly $1.9 billion yearly in income. An evaluation by Spectrum Gaming Group helps this projection.
“For many years, these 50 acres of asphalt have solely been parking heaps,” stated Karl Rickett, a spokesperson for Metropolitan Park. “Immediately’s committee approval brings us one step nearer to delivering 25 acres of precise public park area, 23,000 union jobs, new leisure choices, and over $1 billion in neighborhood advantages for Queens.”
Cohen, who purchased the New York Mets for $2.4 billion in 2020, has additionally backed the proposal with substantial political funding. Public information present that he and his spouse, Alexandra, have donated over $4.8 million to New York state candidates and committees since 2018—together with $1 million to the state Democratic Get together and $120,000 to the Senate Marketing campaign Committee.
The broader financial affect of the on line casino push can also be tied to New York’s public transit. Income from the on line casino licenses will assist assist the Metropolitan Transportation Authority (MTA) beginning in 2026, with gaming tax income additionally distributed relying on challenge places.
Rising competitors for restricted licenses:
The Metropolitan Park bid is only one of a number of in competition for the three downstate on line casino licenses anticipated to be awarded later this 12 months. Main contenders believed to be front-runners embrace MGM Resorts’ Empire Metropolis On line casino in Yonkers and Genting’s Resorts World in Queens. If these two safe licenses, just one slot would stay for the remaining candidates—together with Cohen and Onerous Rock.
Different competing proposals embrace a Caesars-backed Instances Sq. on line casino, a challenge in Hudson Yards supported by Associated Cos. and Wynn Resorts, and a Bronx growth proposed by Bally’s close to a former Trump-operated golf course.
Moreover, developments close to Metropolitan Park have helped construct goodwill. Earlier this month, Cohen and Onerous Rock joined forces with Slate Property Group to announce a separate housing challenge providing 450 residential items simply miles from the proposed on line casino web site.
With rival bids dropping out—Saks has withdrawn, and Las Vegas Sands is looking for a associate to salvage its plan at Nassau Coliseum—the competitors is step by step narrowing, boosting the probabilities for Cohen’s proposal.
Below the present timeline, the Gaming Facility Location Board will submit ultimate suggestions to the New York State Gaming Fee in December 2025.
