Steve Cohen Jackpot! NYC Council Approves Zoning Change for Hard Rock Casino

Steve Cohen Jackpot! NYC Council Approves Zoning Change for Hard Rock Casino

This week, hedge fund billionaire Steve Cohen achieved a significant win as New York city councilors sanctioned a zoning modification that facilitates the construction of an integrated resort casino close to his Citi Field Major League Baseball stadium. 

Cohen has teamed up with Hard Rock International in his quest to secure one of the three gaming licenses set aside for downstate New York. Cohen and Hard Rock, collaborating as the Queens Future Development Project, have proposed an $8 billion development on 50 acres in Flushing, Queens, next to the Mets stadium. 

On Tuesday, the New York City Council approved zoning changes for the Metropolitan Park project at Willets Point with a vote of 41-2. In particular, the council sanctioned the bid’s Uniform Land Use Review Procedure (ULURP), an essential element in allowing projects that affect city land usage. 

With the council's approval, the ULURP proposal is sent to the mayor for final authorization. 

Cohen Casino Proposal Prepared 

Sometime before the year concludes, it is anticipated that the New York Gaming Facility Location Board will decide which three proposals are awarded the sought-after downstate gaming licenses, each requiring a one-time payment of $500 million to the state. Prior to the board reviewing an application, the bid must meet all state and local zoning standards, gain public backing through the approval of a Community Advisory Committee (CAC), and remit a $1 million application fee to the New York State Gaming Commission. 

The CAC is established to evaluate every casino's application. Every CAC for applications in New York City will feature New York Governor Kathy Hochul (D) and NYC Mayor Eric Adams (D). The four remaining members will include the relevant state senator, state assemblymember, borough president, and relevant city councilmember. 

The Gaming Facility Location Board will only review applications that achieve a two-thirds level of CAC backing, or a minimum of four supportive votes. 

Cohen and Hard Rock’s proposal was previously subjected to a City Environmental Quality Review (CEQR). The research found that “the advantages of the Queens Future Development Project surpass the negative environmental effects, many of which can be alleviated by the actions specified in the Final Environmental Impact Statement.” 

With those requirements met, a CAC is prepared to put together for Cohen and Hard Rock’s NYC casino pitch. 

Queens Casino Information 

Formally known as Hard Rock Hotel & Casino Metropolitan Park, the $8 billion plan envisions significantly more than just a casino and hotel. 

In addition to the resort and standard amenities, the project features proposals for a live music venue, a “Queens Food Hall” offering budget-friendly dishes from local suppliers, and 20 acres of public parkland with community sports fields, playgrounds, and gardens. Cohen has committed to creating a new accessible public transit station, increasing parking, and developing a “updated road and bicycle network.” 

If approved, the project would generate thousands of lasting union jobs, focusing on local hiring.

"It’s time New York got the sports and entertainment park it deserves. 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,” said Cohen.

Cohen and Hard Rock are part of a packed bidding competition that also features Las Vegas Sands, MGM Resorts, Genting Group, Caesars Entertainment, Bally’s, Saratoga Casino Holdings, and Wynn Resorts.