Hedge fund billionaire Steve Cohen has won regulatory approval to develop one of New York City’s first full-scale casinos, marking a major milestone in his plans to transform the area surrounding Citi Field in Queens, according to a report by the Financial Times.
New York State’s Gaming Commission on Monday approved Cohen’s Metropolitan Park proposal, alongside two other casino developments in the city. Construction on the $8bn project is expected to begin in January, with the casino scheduled to open in 2030.
Cohen, who runs Point72 Asset Management and owns the New York Mets, said the development reflects a long-held ambition to regenerate the neighbourhood around the baseball stadium. The complex will be built next to Citi Field and developed in partnership with Hard Rock International, featuring a casino, hotel, live events venue, and food hall.
The commission also approved casino proposals from Bally’s Corporation, which plans to build at a Bronx golf course, and Genting Group’s Resorts World, which will expand its existing Queens operation to offer full casino gambling. Each project will be required to pay a $500m licence fee, with the state projecting combined revenues of $5.5bn by 2033.
Cohen’s project estimates first-year gross revenue of $3.2bn, rising to $38bn on a cumulative basis over 10 years. Supporters of the development have highlighted job creation and economic investment, while local activist groups have continued to raise concerns about the social impact of gambling and Cohen’s influence in the community.
