New York Mets owner and billionaire Steve Cohen's $8 billion Citi Field casino plan has been unanimously approved by the local advisory committee, officially entering the final stage of New York State casino license approval. The plan proposes to transform the 78-acre parking lot of Citi Field into a large entertainment and gambling center, including a casino, hotel, and entertainment facilities. It is one of the four final candidate projects in southern New York State, and the state gaming commission is expected to issue up to three casino operating licenses by the end of the year.
Project Overview and Investment Scale
Steve Cohen's Citi Field casino plan, with a total investment of $8 billion, aims to transform the 78-acre parking area around Citi Field in Willets Point into a comprehensive entertainment and gaming center. The project, developed in partnership with Hard Rock International, is one of the four remaining casino license candidates in New York State.
After years of lobbying and community debate, the plan has now received crucial local advisory committee approval, marking an important milestone in the project's advancement. Cohen, as the owner of the New York Mets, sees this investment as a significant boost to the economic development of Queens.
Committee Voting Results and Support
The six-member community advisory committee passed the project unanimously with a 6-0 vote. Queens Borough President Donovan J. Richards, a member of the committee, is one of the project's most enthusiastic supporters.
After the vote, Richards stated: "Although the Mets may not make it to the playoffs, we can see this as a home run for Citi Field and Queens." He even claimed: "We are now the heart of this city. Not Manhattan, not Brooklyn, nor any other borough."
Project Planning and Facility Details
Once completed, the Mets Park project will have nearly 300,000 square feet of gaming space, including 5,000 slot machines and 375 gaming tables. In addition to gaming facilities, the project also plans to build a luxury hotel, restaurants, a conference center, entertainment venues, and a concert hall.
Cohen and Hard Rock International have also committed billions of dollars to community investments, including $1.75 billion in local improvement projects and 25 acres of new parkland. The project also announced plans to build 450 income-restricted housing units in Corona, contingent on obtaining the casino license.
Competitors and Industry Background
Cohen's proposal is currently competing with three other projects for a casino license in southern New York State: Bally's plan to invest $4 billion in a resort at Ferry Point in the Bronx, the Resorts World resort near Kennedy Airport in Queens, and the MGM Empire City resort in Yonkers.
The latter two projects, currently offering video lottery terminals at racetrack casinos and having existing infrastructure, are considered frontrunners in the license competition. New York State initially received eight proposals, four of which were eliminated due to lack of local support.
Approval Process and Timeline
The four final candidate projects will next be reviewed by the New York State Gaming Facility Location Board, which is responsible for recommending up to three projects to the New York State Gaming Commission. The committee must complete its final recommendations by December 1, and the gaming commission must issue its final decision by December 31.
If approved, Cohen's Mets Park will join Citi Field, the U.S. Open Tennis Center, and the upcoming New York City Football Club stadium in transforming Queens into a major destination hub.
Community Impact and Economic Benefits
The project promises to bring significant economic benefits and job opportunities to the local area. In addition to the gaming business, the project includes extensive community investments and infrastructure improvement plans.
Local supporters believe the project will drive economic development and regional transformation in Queens. Kew Gardens Hills resident Allen Sherman stated: "This is a great, grand, beautiful future, and we need more development in Queens."
Project Prospects and Industry Significance
For Cohen, the approval of this project represents significant progress in a high-risk billion-dollar gamble. Although the Mets have underperformed this season, his business investment plan has entered a critical phase.
If approved, the project will not only change the economic landscape of Queens but also have a significant impact on the gambling industry structure in New York State, marking further expansion and diversification of the state's gambling industry.
