Hedge fund tycoon Steve Cohen achieved a significant win this week as New York city councilors sanctioned a zoning modification that paves the path for a unified resort casino to be constructed close to his Citi Field Major League Baseball stadium.
Cohen has teamed up with Hard Rock International in his efforts to secure one of the three gaming licenses designated for downstate New York. Cohen and Hard Rock, collaborating as the Queens Future Development Project, have proposed an $8 billion development spanning 50 acres in Flushing, Queens, next to the Mets stadium.
On Tuesday, the New York City Council approved zoning amendments for the Metropolitan Park project at Willets Point with a vote of 41-2. The council specifically authorized the bid's Uniform Land Use Review Procedure (ULURP), an essential element in approving projects that affect the usage of city land.
With the council's approval, the ULURP proposal is sent to the mayor for final endorsement.
Cohen Casino Offer Prepared
Before the year concludes, the New York Gaming Facility Location Board is anticipated to decide which three proposals receive the highly sought-after downstate gaming licenses, each involving a one-time payment of $500 million to the state. Prior to the board examining an application, the bid needs to fulfill all state and local zoning regulations, gain public backing through the endorsement of a Community Advisory Committee (CAC), and remit a $1 million application fee to the New York State Gaming Commission.
The CAC is established to evaluate every casino's application. Every CAC for applications in New York City will feature New York Governor Kathy Hochul (D) and NYC Mayor Eric Adams (D). The four remaining members will consist of the relevant state senator, state assemblymember, borough president, and relevant city councilmember.
The Gaming Facility Location Board will only assess applications that achieve a two-thirds level of CAC backing, or a minimum of four supportive votes.
Cohen and Hard Rock's plan previously went through a City Environmental Quality Review (CEQR). The research found that “the advantages of the Queens Future Development Project surpass the negative environmental effects, most of which can be alleviated by the strategies outlined in the Final Environmental Impact Statement.”
With those conditions addressed, a CAC is prepared to be assembled for Cohen and Hard Rock’s NYC casino presentation.
Information about Queens Casino
Officially known as Hard Rock Hotel & Casino Metropolitan Park, the $8 billion plan foresees far more than just a casino and hotel.
In addition to the resort and standard amenities, the project features plans for a live music venue, a “Queens Food Hall” offering budget-friendly food from local vendors, and 20 acres of public park land that will have community sports fields, playgrounds, and gardens. Cohen has committed to creating a new accessible mass transit station, enlarging parking, and developing a “modernized road and biking network.”
If approved, the project would generate thousands of lasting union positions, prioritizing local hiring.
"It’s time New York got the sports and entertainment park it deserves. When I bought this team, fans and the community kept saying we needed to do better. Metropolitan Park delivers on the promise of a shared space that people will not only want to come to and enjoy but can be truly proud of,” said Cohen.
Cohen and Hard Rock are part of a competitive bidding group that also features Las Vegas Sands, MGM Resorts, Genting Group, Caesars Entertainment, Bally’s, Saratoga Casino Holdings, and Wynn Resorts.
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