Steve Cohen Wins Final Approval for $8 Billion Casino Complex Next to Citi Field

Final Approval Marks End of Years-Long Process

The New York State Gaming Commission officially approved Steve Cohen's $8.1 billion Metropolitan Park casino project on Monday, making the billionaire hedge fund manager and New York Mets owner one of three winners in the state's highly competitive downstate casino licensing process . The selection marks the culmination of years of community engagement and a comprehensive state and city review process .

The ambitious project will transform 50 acres of parking lots surrounding Citi Field into an integrated casino resort and entertainment district, encompassing a casino, sportsbook, 2,300-room hotel, restaurants, bars, a music venue, and 25 acres of new green space . Construction is expected to begin in January, with the casino scheduled to open in June 2030 .

In a statement following the approval, Cohen said: "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" . The development reflects Cohen's long-held ambition to regenerate the neighborhood around the baseball stadium .

Economic Impact and Community Benefits

The project promises to create 25 acres of new public park space, 23,000 union jobs, and deliver over $1.75 billion in community benefits and infrastructure improvements . Developers claim the project would lead to more than $1.75 billion in community benefits and infrastructure improvements , including a completely revamped, ADA-accessible 7-line train station .

In a separate commitment, Cohen's group pledged to build 450 units of income-restricted, subsidized housing in Corona if their casino license was approved . The facility will feature a Hard Rock Hotel with a casino, sportsbook, restaurants, bars, meeting and event space, and a state-of-the-art live music venue, as well as a Taste of Queens Food Hall .

Metropolitan Park projects $3.9 billion in annual revenue and $850 million in annual tax contributions by year three . The board cited the economic benefits of approving all three casinos, projecting that the completed projects would bring in close to $7 billion in gambling tax revenue between 2027 and 2036 .

Overcoming Significant Obstacles

Because the Citi Field-adjacent proposal is on state parkland, a major hurdle was getting parkland alienation approved by the state Legislature, which ultimately passed the chamber 54-5 after state Sen. John Liu sidestepped opposition and carried the legislation himself . The city was also sued by the U.S. Tennis Association over concerns about the project's impact on their lease, but that issue has since been resolved with a new lease agreement .

Despite formal approvals, the project faced community opposition, with protesters disrupting the Gaming Commission's meeting in upper Manhattan with chants of "shame on you," and coalition members arguing that "the process was corrupt" . Critics argued that the casino would "tear apart families, create gambling addiction, and increase crime and displacement" .

Each of the three approved bidders must pay an upfront licensing fee of $500 million and will be overseen by an independent monitor for at least five years .

Transforming Queens' Entertainment Landscape

The three approved projects - Bally's Corporation in The Bronx, and Metropolitan Park and Resorts World in Queens - now advance to the final operational phase . Gaming officials expressed confidence that the New York market is strong enough to support all three casinos, even though they are within 20 miles of each other .

Metropolitan Park will follow recent upgrades to Citi Field and the Billie Jean King National Tennis Center, as well as the ongoing construction of Etihad Park, the forthcoming home of Major League Soccer's NYCFC, effectively creating an entirely new Queens neighborhood . The economic ripple effect is projected to drive an annual average of 9% to 11% more visitors to surrounding local neighborhoods .

The approval represents a major victory for Cohen, who has transformed from hedge fund billionaire to sports mogul to casino developer. With construction beginning next month, the project will test whether his vision of a year-round entertainment destination can successfully blend high-stakes gambling with community development in one of New York's most diverse boroughs.