The New York casino race has entered its final stage with Metropolitan Park, a $8 billion casino complex, securing approval from its community advisory committee (CAC) on Tuesday morning. Located adjacent to Citi Field in Queens, the project is a collaboration between New York Mets owner Steve Cohen and Hard Rock Entertainment. This development marks the fourth bid to receive local backing, alongside Resorts World NYC, MGM Empire City, and Bally’s Bronx, all vying for three available downstate casino licences.
The New York State Gaming Commission is set to award the licences by the end of the year, following recommendations from the Gaming Facility Location Board (GFLB). This board will evaluate the bids based on various criteria, including revenue projections and tax rates, with applicants permitted to propose their own rates starting at a minimum of 25% for slot revenue and 10% for all other gaming.
Four weighted categories form the basis of the decision-making process: economic activity (70%), local impact siting (10%), workforce enhancement (10%), and diversity (10%). The deadline for the GFLB to submit its licensure recommendations is December 1, with the Gaming Commission making final decisions by December 31. A full set of awards could yield $1.5 billion in immediate licence fees for the state, although unexpected outcomes, similar to those in the upstate licensing process a decade ago, remain possible.
Metropolitan Park emerges as a favourite, bolstered by Steve Cohen’s significant influence and financial backing. With a reported net worth of $23 billion, Cohen ranks as one of the wealthiest individuals globally, contributing substantially to Governor Kathy Hochul and the Democratic Party. Despite initial opposition from Senator Jessica Ramos, who represents the district of the proposed site, Cohen’s team navigated legislative hurdles with support from Senator John Liu and Assemblymember Larinda Hooks. Hooks, who chaired the CAC for Metropolitan Park, played a pivotal role in its approval, emphasizing the fairness of the process despite some public dissent.
Metropolitan Park’s design draws inspiration from modern “walkable villages” at sports venues across the country, such as Atlanta’s Battery neighbourhood and the Arlington Entertainment District in Texas. Cohen envisions the development as a means to enhance the Citi Field experience, with plans for a Hard Rock hotel, casino, entertainment venue, and 25 acres of park space. Currently, the area is dominated by parking lots.
In contrast to the project’s advancement, the New York Mets experienced a disappointing season. The team, initially favoured with strong World Series odds and leading the standings in June, ultimately failed to make the playoffs, a result Cohen deemed “unacceptable.”
The competition for the casino licences now includes two existing facilities and two new projects. Resorts World and MGM, functioning as video lottery terminal facilities for years, are perceived as leading candidates due to their established operations and community rapport. These projects promise quicker market entry, with projected casino launches in July 2026 and July 2027, respectively. Metropolitan Park, aiming for a June 2030 opening, faces a longer timeline, while Bally’s Bronx’s construction schedule remains undisclosed.
Resorts World and MGM contribute significantly to state revenues with existing tax rates around 55%, benefiting from longstanding community ties. The decision for the third licence might hinge on a contest between Cohen’s Metropolitan Park and Bally’s, with location considerations potentially affecting outcomes. Resorts World’s proximity to Citi Field, just 10 miles away, raises concerns about the viability of having two casinos so close, particularly with Manhattan and Brooklyn out of the running.
Bally’s, meanwhile, confronts financial challenges as it extends its investments. The company’s $1.7 billion Chicago casino project is behind schedule, adding pressure as they tackle the $4 billion Bronx development. Recent renderings for a new Las Vegas casino-resort were released without confirmed budgets or timelines, casting further uncertainty over Bally’s financial stability.
While each bid presents unique strengths and challenges, the upcoming decisions by the Gaming Facility Location Board and the New York State Gaming Commission will shape the landscape of downstate gaming. The potential economic impact, coupled with community considerations and corporate viability, ensures a complex and closely watched conclusion to this high-stakes competition. As the process unfolds, stakeholders remain keenly aware that the outcomes will not only influence the immediate financial landscape but also set precedents for future developments in the region.
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