New York Mets Owner Steve Cohen Details Plans for Casino at Citi Field

Article by : Erik Gibbs Nov 8, 2023

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New York Mets owner and hedge fund magnate Steve Cohen has disclosed his ambitious vision of an $8 billion project, which includes a casino, hotel and music venue situated near Queens’ Citi Field.

However, the lingering question is whether Cohen can secure state approval, considering his history of paying a $1.8 billion fine for wire and securities fraud in 2013.

The development, named Metropolitan Park in homage to the 61-year-old baseball team, would encompass 50 acres, with 20 acres dedicated to green space and access to Flushing Bay.

Cohen asserts that Metropolitan Park has the potential to generate a remarkable $130 billion in economic impact over the next 30 years, transforming an area already surrounded by the US Open Tennis Center, a proposed soccer stadium and Flushing Corona Park.

Cohen shared his vision for Metropolitan Park, emphasizing the need for a sports and entertainment park in the great city.

When he acquired the team, he took into account the feedback from fans and the community, recognizing the demand for improvement.

Metropolitan Park, according to him, fulfills the commitment to create a space that people will be eager to visit and appreciate, fostering a sense of pride.

However, Cohen’s optimism regarding Metropolitan Park may be premature since the proposal still requires approval from Governor Kathy Hochul and the New York State legislature, which is currently uncertain.

State Senator Jessica Ramos, representing significant portions of Queens, has raised concerns and previously blocked a vote on the project in May.

Ramos described her recent town hall meeting on May 19, emphasizing that it marked the beginning of an ongoing dialogue with her community.

Ramos stated that she and her neighbors currently do not believe it is the right time to consider introducing legislation regarding parkland alienation.

Additionally, the proposal would require approval from the State Gaming Commission, which holds the authority to permit three casinos in New York City.

Another challenge is Steve Cohen’s troubled history with financial regulators. In 2013, he was compelled to pay a $1.8 billion penalty to the federal government after pleading guilty to wire and securities fraud.

While he was never charged with a crime, his background disclosure form, which requires applicants to demonstrate their “integrity, honesty, good character, and reputation,” may be at risk due to his admission. This history could complicate his casino proposal.

Notably, there are several other casino proposals in New York City, including ones in Times Square, Hudson Yards and Coney Island.

Furthermore, gaming operator Bally’s recently acquired Donald Trump’s golf course in the Bronx, where they are rumored to be planning a separate casino.

On a more positive note, Cohen’s plan envisions the creation of 10,000 permanent and construction jobs, which could support his lobbying efforts.

Field Operations, a landscape architect firm, is set to design the park, known for its work on projects such as Manhattan’s High Line and Pier 17 at the South Street Seaport.