Steve Cohen Archives

New York is one step closer to deciding where its new casinos will land. On Tuesday, Hard Rock’s $8 billion proposal for a casino and entertainment complex near Citi Field cleared a major hurdle and moved to the final stage of the licensing process. Good to know The Metropolitan Park Community Advisory Committee voted 6-0 to advance the project. Only three downstate casino licenses can be awarded in New York. Resorts World and Empire City are considered frontrunners for two of the three licenses. The Metropolitan Park Community Advisory Committee gave unanimous approval, sending Hard Rock’s project to the New York Gaming Facility Location Board. The board will decide which proposals secure licenses, with announcements expected in December. Four other proposals were turned down by their advisory committees, while some bids were pulled before a vote. That leaves Hard Rock’s project and Bally’s plan at Ferry Point golf course in The Bronx as the two remaining competitors for the third license slot. The Bigger Picture New York can issue just three downstate casino licenses. Industry watchers believe Genting’s Resorts World New York City, located near JFK Airport in Queens, and MGM’s Empire City Casino in Yonkers will secure two of them. Both venues already offer slots and racing and could quickly expand into table games with approval. That sets up a likely contest between Hard Rock and Bally’s for the final license. Inside the Hard Rock Proposal The Hard Rock plan, developed in partnership with Mets owner Steve Cohen, would transform Citi Field’s parking lots into Metropolitan Park, a destination combining entertainment, public space, and gaming. Highlights include: A Las Vegas-style casino with table games, slot machines, and a sportsbook A luxury hotel and live music venue A 25-acre network of parks, athletic fields, and green space A food hall showcasing New York’s dining culture Subway station upgrades for improved local access Supporters say the development would create more than 20,000 jobs and generate $30 billion in tax revenue over 30 years. Challenges Ahead Despite strong local support, the proximity of Resorts World poses a challenge. If both facilities operate in Queens, the state will have to weigh whether that could dilute overall revenue potential. The Gaming Facility Board, made up of New York business and academic leaders, will base its final decision on factors such as job creation, fiscal benefits, and long-term economic impact.

Steve Cohen

Advisory Committee Approves Hard Rock Casino Plan Unopposed

Queens Boards Approve Steve Cohen’s $8B Metropolitan Park Casino Plan

Hard Rock International Joins Steve Cohen in $8 Billion Queens Casino Venture