Steve Cohen’s Queens Casino Project to Bring in $33B in Tax Revenue
Summary
The Metropolitan Park proposal — a partnership between New York Mets owner Steve Cohen and Hard Rock International — has submitted an extra application to the New York State Gaming Facility Location Board ahead of the October 14 cutoff. The $8 billion plan would redevelop the parking areas around Citi Field into a 50-acre entertainment complex with a Hard Rock hotel and casino, a 25-acre public park, a food hall highlighting local vendors, and significant transport and infrastructure upgrades.
Developers project the scheme will generate more than $33 billion in tax revenue over 30 years, create roughly 17,000 direct construction jobs and 25,000 indirect jobs during build-out, sustain about 6,000 permanent roles, and potentially influence over 40,000 jobs when secondary employment is included. Financial proposals include a $500 million upfront licence fee, a 25% tax on slot machine revenues and 10% on table-game profits, with anticipated annual revenues of about $3.9 billion once stabilised — roughly $850 million in taxes to the city and state per year.
Key Points
- Metropolitan Park is an $8 billion redevelopment centred on the Citi Field parking lots, covering 50 acres including a 25-acre public park.
- New filing projects over $33 billion in tax receipts to state and city coffers across 30 years.
- Estimated employment impact: ~17,000 direct construction jobs, ~25,000 indirect jobs during construction, and ~6,000 permanent on-site jobs post-opening; total long-term impact could exceed 40,000 positions.
- Financial terms proposed by the developers: a $500 million upfront licence fee, 25% tax on slots, 10% on table games; projected casino revenue about $3.9 billion annually after three years.
- Planned gaming floor would be extensive: 5,000 slot machines, 375 table games, 30 poker tables and an 18,000 sq ft sportsbook.
- The project has local engagement credentials — 16 public workshops over four years and endorsements from six community boards plus a Community Advisory Committee.
- Major legal hurdle cleared earlier this year when City Council and state legislature reclassified the parking-lot land, allowing commercial development; the final licence decision is due in December.
- Competing bidders remain: Metropolitan Park, Resorts World (South Ozone Park) and Bally’s (Bronx) after MGM Resorts withdrew.
Context and Relevance
This proposal sits at the intersection of urban development, gambling policy and municipal finance. It illustrates how large-scale private developments can be used to secure infrastructure upgrades and new public spaces — at the cost of reclassifying existing parkland — and highlights the high stakes of New York’s downstate casino licence race. The project’s revenue and job projections make it a major economic lever for both city and state budgets, while the parkland conversion and community impact remain politically sensitive issues. With a December licence decision looming, this plan is a bellwether for how New York balances revenue generation, community interests and land-use change.
Author style
Punchy: Big numbers, big headlines. This isn’t a small local scheme — it’s a multi-billion-dollar bid that could reshape Queens’ waterfront, local transport and the city’s gaming landscape. Read the details if you want the facts behind the figure.
Why should I read this?
Look — if you care about NYC money, jobs or where a huge new entertainment district might land, skim this. It tells you who wants the licence, what they’re offering (hello, $500m up front), and why December’s decision matters. Short, sharp and worth knowing.
