Steve Cohen has finally laid his cards on the table.
The billionaire Mets owner finally unveiled his long-awaited Queens casino plan Tuesday — revealing a sprawling $8 billion gaming center, hotel, and music venue near Citi Field that he has dubbed “Metropolitan Park” after the team’s full corporate name.
The proposed entertainment playground, which will be operated with Cohen by Hard Rock International, also offers the community goodies such as 20 acres of green space and access to Flushing Bay.
“It’s time the world’s greatest city got the sports and entertainment park it deserves,” said Cohen.
“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.”
But the fate of Metropolitan Park is still about as secure as a Mets late-inning lead.
As the land for the new facility is legally designated as parkland, Cohen would need to get the state legislature and Gov. Kathy Hochul to pass a law allowing commercial development there.
Key lawmakers — particularly state Sen. Jessica Ramos whose district includes Willets Point and the neighborhoods around it — have not agreed thus far to support such legislation.
Names of legislators were conspicuously missing from a press release showing support from business and community leaders.
The casino plan also requires approval from state gaming regulators.
Under current law, state officials can issue up to three new casino licenses in the downstate region that includes New York City.
The surrounding property is home to Flushing Corona Park, the U.S. Open Tennis Center, and a planned soccer stadium for New York City FC, which is backed by Mayor Eric Adams.
Another potential stumbling block to a Cohen-owned casino is the state’s requirement of a background disclosure form where applicants attest to their “integrity, honesty, good character and reputation.”
In 2014, Cohen’s hedge fund SAC Capital was forced to pay a $1.8 billion penalty to the federal government after pleading guilty to wire fraud and securities fraud.
Cohen, who was never charged criminally, was accused of failing to prevent insider trading at the company, which he founded in 1992 and which bears his initials.
But the baggage didn’t stop Major League Baseball from allowing Cohen to buy the Mets.
There’s a stiff combination of other developers and casino operators who have joined forces with proposals to build a casino in Times Square, Hudson Yards, Coney Island, and possibly Ferry Point in The Bronx, where gaming operator Bally’s replaced the Trump Organization as operator of the golf course.
Two existing slots parlor operators — Genting at the Aqueduct race track and Empire Resorts MGM at Yonkers race track — are seeking two of three casino licenses to offer table games.
Still, billionaire Cohen and firms controlled by him have put a lot of chips on the table — spending millions of dollars on army lobbyists and delivering campaign donations to elected officials to help make his case to build the casino-entertainment complex.
Cohen’s plan projects an investment of over $8 billion in order to generate $130 billion in economic impact over the next 30 years, generating more than 10,000 permanent and construction jobs.
It calls for 20 acres of new park space and 5 acres of community athletic fields, bike paths, playgrounds, and climate-ready infrastructure including solar, green roofs, and flood mitigation.
There will be new pathways to the Flushing Bay waterfront, and Flushing-Corona Park from the surrounding community and improved mass transit, road networks, and parking
Landscape architect Field Operations will design the park.
Its key New York City designs include the High Line, Pier 17 in the South Street Seaport, Domino Park, Fresh Kills Park on Staten Island, and the newly opened Gansevoort Peninsula in Hudson River Park.
Jim Allen, chairman of Hard Rock International and CEO of its Seminole Gaming facilities in Florida said, “Hard Rock at Metropolitan Park will be rooted in the spirit of music while embracing the unique culture and character of Queens.”
This story originally appeared on NYPost
