New York Mets owner Steve Cohen has unveiled an $8 billion plan to transform the area around Citi Field, which includes a casino and sports betting site. [Image: Shutterstock.com]
Big plan
New York City is one of the richest cities in the world. Steve Cohen, who is worth $13.9 billion, is one of many people who have amassed a fortune in the Big Apple. He purchased the New York Mets in October 2020 and now has a big plan to transform the area around the team’s Citi Field stadium in Queens.
Metropolitan Park will include about 50 acres
On Tuesday, Cohen revealed a plan that includes investing $8 billion in developing a large-scale sports, entertainment and casino complex. Metropolitan Park will cover approximately 50 acres surrounding the stadium, revitalizing the area.
The billionaire said it was time for “the greatest city in the world to get the sports and entertainment park it deserves.” A number of firms will collaborate with Cohen on this project including casino company Hard Rock International and SHoP Architects.
Proposal details
The plan is for the new park to cover 20 acres, with another five acres designated for playgrounds and sports fields. The entertainment complex will contain a Hard Rock Hotel, as well as a casino, sports book and live music venue. The developers will also improve transport infrastructure in the surrounding area, including better parking facilities and a more modern road and cycle network.
The project will create approximately 15,000 temporary and permanent jobs
While Cohen estimates that the project will create about 15,000 temporary and permanent jobs, the plan still faces many obstacles before it becomes a reality. 50 acres of land are currently zoned for parks, so a public rezoning process is necessary.
Gov. Kathy Hochul would need to green-light commercial development, the New York State Gaming Commission would have to grant one of the three casino licenses available downstate, and local elected officials in Queens would also have to approve the plan.
Lots of competition
Cohen will need to get support from local politicians and residents to support the project. The 67-year-old has already spent millions on community sessions and lobbyists to get feedback on the plans and try to drum up support.
There is a lot of competition to obtain one of the three casino licenses available. Two existing slot facilities, MGM Empire City Casino and Resorts World Casino, appear to be the front-runners for licenses, leaving the rest vying for another license.
Spectrum Gaming estimated that a casino in Queens could generate annual revenue of about $2 billion by 2025.
Some other proposals include a Jay-Z-backed casino in Times Square, property at a former Trump-controlled golf course in the Bronx, and a facility in Hudson Yards. A final decision from state gaming regulators on the fate of the licenses is not expected for a while and there is no set deadline.
