The owner of an MLB team is looking to bring a casino and entertainment complex to New York.
New York Mets owner Steve Cohen has agreed to submit a proposal with Hard Rock International to build a casino and entertainment complex that is expected to cost $8 billion, according to Bloomberg. The project, which would replace a 50-acre parking lot, will be next to Citi Field. The stadium, which is located in Queens, has been the home of the Mets since 2009.
Cohen — who is worth an estimated $19.8 billion — is competing with more than other 10 applicants for a state license to build a casino in southern New York. The hedge fund manager, who plans to build the complex with SHoP Architects, is seeking one of three state licenses.
Several obstacles
Cohen will have to overcome several hurdles to gain a state-sanctioned license to build the proposed complex, which has been coined Metropolitan Park. The project would need to gain approval for the annexation of its land due to its proposed site being state-owned property.
New York’s state legislature would be required to pass a bill for the land to be relinquished. In 2022, a similar piece of legislation was introduced but has yet to receive a vote from lawmakers.
Cohen will also be required to receive approval from local elected officials to move forward with the project. If approved, he will need a New York gaming board to grant the coveted license.
Strong market
New York has emerged as a promising gaming market for both retail and online wagering.
Sportsbooks throughout the state generated $165.6 million in revenue for September, up from $98.5 million for the month prior. The uptick stemmed from the start of a new NFL season. New York’s total sports betting handle reached $1.76 billion in September — representing a 60% increase month-over-month. Its operators reported a 9.2% hold for the month, a touch higher from 8.9% in August.
A downstate casino offering is poised to contribute to New York’s gaming revenue. A casino in Queens is projected to generate roughly $1.9 billion in revenue annually, per Spectrum Gaming.
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