Cohen Plans Casino Complex Next to Mets Stadium

Since acquiring the New York Mets in 2020, hedge fund billionaire Steve Cohen has made headlines for his outsized spending on the franchise. Now, he’s aiming to make his biggest play yet — not on the field, but just outside it.

Cohen and his partner Hard Rock International are leading a bid for an $8.1 billion casino and entertainment complex known as Metropolitan Park, slated for 50 acres of asphalt adjacent to Citi Field. If approved, it would be the most expensive development of its kind in New York’s history — and a historic integration of gambling into a Major League Baseball campus.

But to get there, Cohen must do more than write another check. He has to win over a community, navigate a competitive licensing process, and overcome both political resistance and geographic disadvantages.

A New Vision for a Long-Neglected Lot

Metropolitan Park is one of eight proposals vying for three downstate casino licenses set to be awarded later this year. The plan includes a Hard Rock hotel and casino, a 25-acre park, an entertainment venue, and public spaces — all on land that Cohen’s team argues has been underutilized for more than a century.

“Never a public park,” said Michael “Sully” Sullivan, Cohen’s chief of staff, referencing the site's history as a “swamp, a dump, and a parking lot.” That characterization is now at the heart of Met Park’s pitch: turn dead space into a vibrant hub.

While stadium-integrated sportsbooks have spread since sports betting was legalized in 2018, no U.S. stadium has ever seen such a wide-reaching gambling complex on its doorstep. Cohen's project would be the first of its kind — if it clears multiple political and procedural hurdles.

At a presentation this week before the Community Advisory Committee (CAC) overseeing the review, Met Park officials stressed extensive outreach: 1,000 stakeholder meetings, 16 workshops, 40,000 doors knocked, and 20,000 signatures collected. Former City Council member Julissa Ferreras-Copeland cited the community’s desire for open space and economic opportunity, particularly during Citi Field’s off-season when the area feels “dark, desolate and dank.”

The proposal has achieved an 88% approval rate through community boards and gained backing from the borough president, city council, and state legislature. It’s one of the few bids to receive such sweeping early-stage support.

Cohen’s financial and political influence has also raised eyebrows. He and his wife donated over $135,000 to Governor Kathy Hochul’s 2021 campaign, and his firm Point72 contributed an additional $235,000 to the state Democratic Party in recent years. While legal, such contributions have led to speculation that Cohen may be one of the most politically connected contenders in the casino race.

Hard Rock International, owned by the Seminole Tribe, is bringing its global casino experience to the table. Sean Caffery, President of Casino Development, claimed the project will create 23,000 jobs, from construction to permanent roles. The company also promises to extend its Unity rewards program to local businesses and open a Queens Music Museum to showcase the borough’s musical legacy.

Still, the project lacks the kind of celebrity endorsements boasted by other bids. While Caesars’ Times Square proposal has support from Jay-Z, and Resorts World NYC is linked to Nas, Met Park is relying more on institutional appeal than star power.

Opposition and an Unpredictable Process

Despite its momentum, Met Park is not without critics — especially in Albany. State Senator Jessica Ramos, whose district includes much of the project site, has refused to support the plan. Her resistance delayed the proposal for months. Ultimately, Cohen bypassed her by working with Senator John Liu, whose district overlaps minimally with the site. That move violated the informal tradition of “member deference,” sparking backlash and intensifying scrutiny of the bid.

Even if Ramos’ opposition is sidestepped, there’s a larger strategic question: will the state approve two licenses for Queens? Resorts World NYC, one of the presumed frontrunners, is also located in Queens and benefits from existing racino status. Awarding a second Queens license — and potentially skipping over Manhattan, Brooklyn, or the Bronx — could invite political backlash or legal challenges.

 

The land has been a swamp, a dump, and a parking lot — never a public park.

What’s at Stake

If approved, Met Park would redefine the area around Citi Field — and potentially set a new standard for sports-adjacent casino development in the U.S. It could also cement Steve Cohen’s status not just as a baseball mogul, but as a New York power broker with ambitions far beyond the diamond.

Yet, with stiff competition, community skepticism, and unpredictable state politics in play, Cohen’s grandest bet remains a risky one. Will Queens say yes? And will Albany follow? The next few months may reveal whether Cohen’s vision is bold redevelopment — or another gamble that falls short.