An investment group led by New York Mets owner Steve Cohen has secured a license from New York state officials to build one of three casinos slated to be the first within city limits.
The bid was approved by the New York Gaming Facility Location Board on Monday after years of wrangling. Two other casino projects in the Bronx also got the OK.
Pending a final review of the developers’ finances by the state’s gaming commission, the three sites will usher in a new era for the city as legalized gambling continues to spread its influence. The wrangling between developers and officials lasted for many years and at one point involved multiple scenarios centering on Times Square in the heart of Manhattan. Broadway theater industry groups and other neighborhood voices weighed in strongly against the Midtown proposals, which ultimately did not gain favor with the city.
Cohen and Hard Rock, the entity that will operate the casino, are pledging to spend $8 billion on the property, building a hotel and a concert venue adjacent to Citi Field in the Queens neighborhood of Flushing. The site will connect with a new purpose-built stadium being built on nearby Willets Point for New York City FC, a Major League Soccer team that currently plays at Yankee Stadium.
The Cohen-led group has championed the plan as a way to bring economic vitality to a long-overlooked section of the city, with robust attendance at Met games providing a complement to the casino and concert venue. Opponents have cited concerns about traffic and commercial density.
The $2.5 billion sale of the Mets to Cohen, a titan of private equity whose reputation took a hit in 2013 when a firm he ran pleaded guilty to insider trading and paid a steep fine, was finalized in 2020. In the years since, the team has performed erratically but begins every season with playoff expectations thanks to Cohen’s financial resources, a significant change from the more tight-fisted ownership of the team by the Wilpon family. In 2024, the team made a statement by signing All-Star outfielder Juan Soto to a 15-year, $765 million contract but wound up collapsing in the 2025 season’s final weeks, missing the postseason despite a hefty annual payroll of $340 million.
One notable Queens personality also stands to profit from the decision of gaming officials: Donald Trump. In 2023, between his presidential terms, his family real estate business assigned Bally’s a license to operate a golf course in the Bronx next to one of the approved casino sites. That agreement stipulated that the Trump Organization would be paid an additional $115 million if a gaming license was awarded to developers for the land next to the golf course.
