Steve Cohen, the billionaire hedge fund manager and owner of the New York Mets, has intensified his efforts to develop a casino and entertainment complex near Citi Field. His latest proposal, known as Metropolitan Park, seeks to transform the 50-acre parking lot west of Citi Field into a vibrant entertainment hub that includes a casino, public parks, and community spaces. However, this ambitious $8 billion project faces significant political hurdles as it competes with numerous other bids for one of New York City’s coveted casino licenses.

The Vision for Metropolitan Park

Cohen’s proposed development, which he unveiled in new renderings in September 2024, centers on creating a casino run by Hard Rock Entertainment. The larger Metropolitan Park complex would also feature 20 acres of public parks, five acres of athletic fields, a live music venue, restaurants, and a “Taste of Queens” food hall highlighting local vendors. In addition, the project includes infrastructure improvements such as enhanced roadways, cycling paths, and upgrades to the Mets-Willets Point 7-train station. Cohen’s team estimates that the development would generate more than 23,000 jobs, both temporary and permanent.

Cohen has pledged $163 million toward a “community impact fund” aimed at supporting local nonprofits in Queens. His proposal is seen as part of a broader effort to transform Willets Point, an area historically associated with auto repair shops and scrapyards, into a dynamic entertainment destination.

Competition for Casino Licenses

Cohen’s casino project is part of a larger statewide push to issue three new casino licenses in downstate New York. The competition for these licenses is fierce, with bids from developers aiming to build casinos in prominent locations such as Times Square, Hudson Yards, and Coney Island. Two of the licenses are expected to go to existing “racinos” (race tracks with slot machines but no table games), which leaves the third license highly contested.

The stakes are high, as New York’s casino industry is set to become a significant revenue generator, and developers are keen to tap into this lucrative market. Cohen is going head-to-head with other powerful players in real estate and gaming, each trying to offer the best economic incentives and community benefits to secure a license.

Political Headwinds and Local Opposition

While Cohen’s vision for Metropolitan Park has garnered support from some local politicians, the project is not without its critics. The most significant challenge comes from state Senator Jessica Ramos, who represents the area surrounding Citi Field. In May 2024, Ramos announced her opposition to the casino, citing concerns from her constituents about losing green space in the neighborhood. She has refused to introduce the necessary “parkland alienation” bill, which is required to rezone the Citi Field parking lot for development.

Without the rezoning bill, Cohen’s project cannot move forward. However, his team remains optimistic. Karl Rickett, spokesperson for Metropolitan Park, has stated that Ramos’ opposition is not an insurmountable obstacle. “Any senator could theoretically introduce the parkland alienation bill,” Rickett explained, adding that the project has garnered significant support from other elected officials, unions, and the local community. He emphasized that the process is designed to involve various stakeholders, ensuring that no single person can halt or approve a project of this scale unilaterally.

Indeed, Cohen’s project has received backing from several influential figures, including Queens Borough President Donovan Richards and Assembly Member Jeffrion Aubry. Aubry has introduced a parkland alienation bill in his legislative chamber, and City Council Member Francisco Moya has also expressed support for the development. Despite the political headwinds, Cohen’s team is confident that their proposal offers the best overall package for the local community.

The Future of the Project

Although Cohen faces substantial obstacles, the potential economic benefits of his casino proposal cannot be ignored. In addition to job creation and community grants, the development is seen as a way to revitalize an underdeveloped part of Queens and generate long-term revenue for the city. As Cohen and his team continue to push for the parkland alienation bill, the fate of the project remains uncertain, with decisions on casino licenses not expected until late 2025.

Cohen’s Metropolitan Park is one of several proposals vying to secure New York’s highly competitive casino licenses, and only time will tell if his vision for a casino and entertainment complex near Citi Field becomes a reality. While the project’s political challenges are significant, its potential economic impact makes it a strong contender in the race for New York City’s next major casino destination.

Source:

Mets owner Steve Cohen unveils renderings of Citi Field casino and park proposal in Queens, amNY, September 22, 2024

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