Mets owner’s $8b casino plan gets go ahead from senator

A Queens lawmaker intends to back legislation that would allow billionaire owner Steve Cohen to move forward with plans for an $8 billion casino project next to Citi Field.

State Sen. Jon C. Liu said on Sunday that he’d introduce a bill this week granting rights to redesignate a 50-acre lot owned by the city into commercial use, bolstering Cohen’s proposal to refurbish the area around the New York Mets’ ballpark.

“Because the parking lot is legally parkland, they require state legislation that would allow a gaming facility to be built on that parkland in order to proceed with their application to the state gaming,” Liu explained at the bill’s unveiling.

Since launching legal online betting in 2022, New York has separated itself as the top gaming market in the U.S. Last year alone, the Empire State generated $2.1 billion in revenue from sports betting. However, iGaming remains prohibited despite the appetite amongst some for that to change.

Its no wonder why these huge developments are on he horison. Cohen, who has pushed the project since 2023 after the state announced it was accepting applications for three downstate casino licenses, has also pledged $100 million in contributions toward community improvements.

The project can only proceed if the Citi Field parking lots are converted from parkland to commercial use. It also needs approval from the state Assembly and Senate, along with a signature from New York Gov. Kathy Hochul.

At the same time, it must overcome objections from lawmakers like Sen. Jessica Ramos, who represents the district that would accompany the project.

“My position has not changed,” Ramos told the New York Post. “I cannot support a casino in Corona and am a definitive no on any alienation bill that goes against my neighbors’ wishes.”

Cohen, who took over majority ownership of the Mets in 2020 for $2.4 billion, also heads hedge fund Point72 Asset Management. With an estimated net worth of $21.3 billion according to Forbes, he is one of the richest owners in American professional sports.

Cohen and Hard Rock are among roughly a dozen developers vying to secure one of the three downstate licenses. In addition to the casino, Cohen’s proposal would also feature hotels, a live music venue, dining and 25 acres of green space.

Liu took to social media to highlight several features of the project, which he called a “game changer.”

“I’m encouraged by Steve Cohen and Hard Rock’s commitment to making it happen or paying $100 million to fix up Flushing Meadows Corona Park if they can’t,” Liu posted on X. “In that spirit, I’ll introduce legislation to make these benefits possible.”

Casino bidders are required to submit their applications to local sitting boards by June 27. Up to three casino licenses will be awarded by the New York Gaming Commission by the end of December.