Steve Cohen’s $8 Billion Casino Project Gets a Boost From New Bill

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Although the Mets owner Steven Cohen’s ambitious plan to build a $8 billion casino and entertainment complex at Citi Field isn’t yet guaranteed to move forward, it has just received more support.

A new bill introduced by State Senator John Liu aims to reclassify the 50-acre Citi Field parking lot from parkland to commercial use — a key step needed for Cohen’s project to move forward.

Ever since New York launched legal online sports betting in 2022, the state has become one of the top gaming markets in the U.S. In 2024, it generated $2.1 billion in revenue from this activity alone.

Despite these numbers, the state still doesn’t allow online casinos. However, New Yorkers are playing on offshore platforms, which have emerged as a great alternative due to quick transactions and the generous bonuses they offer. By playing in a no-verification casino, they can bypass identity checks and play anonymously.

With casino activity rising, it’s no surprise new casino projects in New York are popping up. Cohen first pitched his plan in 2023 after it was announced that New York is accepting applications for three downstate casino licenses.

Now, for the project to move forward, the Citi Field parking lots have to be converted from parkland to commercial use.

At the moment, it looks like the project could gain momentum. Cohen has pledged over $100 million in contributions toward community improvements if his casino plan moves forward. He’s working with Hard Rock International to build Flushing Skypark.

This new pedestrian and bicycle bridge would be inspired by Manhattan’s High Line and would connect downtown Flushing to Willets Point.

Senator Liu also took it to X to express his support for Cohen’s project. He posted images of what Flushing Skypark would look like and referred to it as a “game changer”.

He added that he’s encouraged by Cohen and HardRock’s commitment to spending $100 million to fix up Flushing Meadows Corona Park.

The Queens Borough President Donovan Richards also said he supports the plan. He added that the project would create 23,000 union jobs and bring much-needed investment to historically long-overlooked areas like Corona and Flushing.

However, Cohen’s project isn’t without opposition. State Senator Jessica Ramos, who is running for New York City mayor, isn't in favor of the idea. Her decision not to back the bill that would rezone the parkland has stalled the project for nearly a year.

While Liu’s support is an important step for the Citi Field casino plan, it’s still uncertain whether the state will approve the bill. While Liu’s Senate district is next to Citi Field, it doesn’t include it. The part of the Metropolitan Park development would be in his area though.

The proposal also still needs approval from the state Assembly and Senate, as well as the signature from Governor Kathy Hochul.

Additionally, there’s the challenge of securing the three downstate casino licenses that New York will award by the end of 2025.

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