Steve Cohen’s Queens Casino Project Expected to Generate $33 Billion in Tax Revenue
The Metropolitan Park project is a collaborative effort between New York Mets owner Steve Cohen and Hard Rock International. This ambitious plan aims to transform the parking areas surrounding Citi Field into a major entertainment and casino destination in New York.
Metropolitan Park Project to Generate Over 40,000 Jobs in Queens
Recent estimates indicate that the Metropolitan Park development will contribute more than $33 billion in tax revenue over the next 30 years. The project is expected to create approximately 17,000 direct construction jobs and an additional 25,000 positions indirectly related to the development. Once operational, it will support around 6,000 permanent jobs, with total long-term employment potentially exceeding 40,000 when secondary jobs are included.
The proposed development will span 50 acres, featuring a 25-acre public park, a Hard Rock hotel and casino, a “Taste of Queens” food hall showcasing local vendors, various retail stores, and significant upgrades to nearby transportation and road infrastructure. Plans include improvements such as the redesign of the Willets Point subway station along with new pedestrian walkways and bike paths.
On the financial side, the developers intend to pay a $500 million license fee upfront. They propose a 25% tax on slot machine revenues and a 10% tax on table game profits. After three years of operation, the casino is projected to generate approximately $3.9 billion annually, which could result in about $850 million in tax revenue for the state and city each year.
Strong Community Support and Upcoming License Decision
Hard Rock International has emphasized its commitment to making the project a world-class destination and is prepared to begin construction immediately if granted a license in December. The casino plans include 5,000 slot machines, 375 table games, 30 poker tables, and an 18,000-square-foot sportsbook, positioning it as one of the largest gaming floors in the region.
The project team has actively involved the local community during its planning stages, hosting 16 public workshops over four years and engaging with thousands of residents. All six neighboring community boards have approved the proposal, and the Community Advisory Committee recently gave their full endorsement.
Earlier this year, the project overcame significant regulatory hurdles when local authorities reclassified the parking lot land, formerly designated as parkland, allowing it to be used for commercial development. With MGM Resorts exiting the competition for a downstate casino license, three applicants remain in the running: Metropolitan Park, Resorts World in South Ozone Park, and Bally’s in the Bronx. The Gaming Facility Location Board is expected to announce the winning bids by the end of the year.
