Steve Cohen has something to celebrate. A community advisory council voted Tuesday to approve a gambling license for his $8 billion Metropolitan Park proposal, sending the project to a state board for final approval. The committee approved the casino with a 6-0 vote.
The project, which would dramatically change 50 acres of asphalt parking lots next to Citi Field, faces competition from three other plans: Bally’s Bronx, Resorts World in southeast Queens and MGM Empire City in Yonkers.
The state Gaming Facility Location Board is expected to grant up to three licenses by the end of the year. Three proposed casinos in Manhattan and one on Coney Island in Brooklyn were voted down by community advisory councils this month. Bally’s Bronx location passed an important committee vote on Monday.
Resorts World and MGM Empire City, which already have electronic gaming and are seeking full casino licenses, are considered favorites to gain approval. That would leave Cohen’s project and Bally’s competing for one license.
Cohen’s plan, a joint venture with Hard Rock International, includes a Hard Rock Hotel and Casino, bars, restaurants, a sportsbook, 25 acres of public park space, community athletic fields and playgrounds, a live music venue, a food hall and infrastructure and public transit improvements.
Developers estimate that the plan will create 23,000 jobs, including 6,700 permanent jobs. The rest will be temporary construction jobs. The state required proposals to include at least $500 million of investment in the areas where they plan to build. Critics say the project will cause gambling addictions and hurt the local community.
If Metropolitan Park is given the green light (votes are expected by state boards in December), work could begin in January. Construction is estimated to take four years.
“It’s time New York got the sports and entertainment park it deserves,” reads a Cohen quote on www.metropolitanpark.com. “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.”
Cohen, 69, bought the Mets in 2020 for $2.4 billion. He is the founder of Point72 Asset Management, a $40 billion hedge fund firm. Forbes estimates his net worth at $23 billion.
