Steve Cohen’s Queens Casino Project to Bring in $33B in Tax Revenue
The much-awaited Metropolitan Park plan, a team effort between New York Mets owner Steve Cohen and Hard Rock International, has taken a big step forward. The team behind the project turned in an extra application to the New York State Gaming Facility Location Board before the October 14 cutoff, standing by their $8 billion vision to turn the parking areas around Citi Field into one of New York’s biggest entertainment spots.
Steve Cohen
Hard Rock International
extra application
New York State Gaming Facility Location Board
$8 billion vision
Citi Field
Metropolitan Park Project To Create Over 40,000 Jobs in Queens
Fresh projections in the filing show that the Metropolitan Park project will have an impact on tax revenue to the tune of over $33 billion in the next 30 years. The complex will create about 17,000 direct construction jobs and another 25,000 indirect positions, according to developer estimates. Once up and running, it will sustain 6,000 permanent jobs. When secondary employment is factored in, the overall long-term job effect could hit more than 40,000 positions.
Metropolitan Park project
tax revenue
$33 billion
17,000 direct construction jobs
25,000 indirect positions
6,000 permanent jobs
40,000 positions
The planned project would cover 50 acres, including a 25-acre public park, a Hard Rock hotel and casino, a Taste of Queens food hall showcasing local sellers, new stores, and upgrades to nearby transportation and road networks. The plan envisions major infrastructure improvements such as the redesigned Willets Point subway station and new walkways and bike paths.
50 acres
25-acre public park
Hard Rock hotel and casino
Taste of Queens
From a financial standpoint, the group wants to pay a $500 million license fee right away. They also suggest a 25% tax on slot machine earnings and 10% on table game profits. Once it is up and running for three years, the casino should bring in about $3.9 billion each year. This means the state and city could get around $850 million in taxes annually.
$500 million license fee
25% tax on slot machine earnings
10% on table game profits
$3.9 billion each year
$850 million in taxes annually
Queens Casino Plan Wins Full Backing, Gets Ready for December License Decision
Hard Rock International stressed that the project aims to build a “world-class destination” and confirmed it’s ready to start building right away if it gets a license in December. The plans include 5,000 slot machines, 375 table games, 30 poker tables, and an 18,000-square-foot sportsbook making it one of the biggest gaming floors in the area.
5,000 slot machines, 375 table games, 30 poker tables, and an 18,000-square-foot sportsbook
The project team has focused on getting the community involved. In the last four years, they have held 16 public workshops and talked to tens of thousands of locals. During the city’s review process, all six nearby community boards backed the project, and last month, the Community Advisory Committee gave it their full support.
getting the community involved
Community Advisory Committee
The project cleared major legal obstacles earlier this year when the City Council and state legislature voted to change the classification of the parking lot land. This land, designated as parkland, can now be used for commercial development. After MGM Resorts dropped out of the competition for a downstate casino license, three candidates are left: Metropolitan Park, Resorts World in South Ozone Park, and Bally’s in the Bronx. The Gaming Facility Location Board plans to announce the winning bids by the end of the year.
The project
major legal obstacles
City Council
MGM
Metropolitan Park
Resorts World
South Ozone Park
Bally’s
Bronx
