Steve Cohen’s $8 billion New York casino, at long last, is officially happening.
The Mets owner and his Metropolitan Park received full approval Monday from the New York State Gaming Commission for a gaming license. The decision paves the way for a large-scale project to be built with Hard Rock International adjacent to Citi Field, with plans including a casino and hotel, 5 acres of green space, playgrounds, a 5,000-seat indoor music venue, a rebuilt transit hub, and a locally inspired food hall, among other amenities.
This last and final regulatory decision was widely expected after the gaming commission’s facility location board formally and unanimously recommended the Metropolitan Park project, along with two other proposals, on Dec. 1.
That board holds significant sway on the final decision, and indeed, the gaming licenses were formally granted to Metropolitan Park, along with Bally’s, which plans a $4 billion resort complex at Ferry Point in the Bronx, and to Resorts World New York City, which proposes to build at the site of the Aqueduct Racetrack in Queens.
More directly, though, the Metropolitan Park project aims to convert a sea of asphalt surrounding the Mets’ home ballpark with something far more impactful and vibrant. Cohen, Hard Rock, and their partners have been in active pursuit of the gaming license for several years.
“Since the day I bought the team, the community and Mets fans have made it clear to me that we can and should do better with the area around the ballpark,” Cohen said. “Now, we are going to be able to deliver the sports and entertainment district that our fans have been asking for.”
Construction is expected to begin early next year in anticipation of a June 2030 opening.
Each of the three recipients of the gaming licenses will need to pay an upfront licensing fee of $500 million, commit to another $500 million in capital improvements, and pay annual taxes on the gaming revenue.
