Wealthy investor Steve Cohen, whose fortune is estimated at $13.9 billion by Bloomberg, is joining forces with Hard Rock International to develop an $8 billion gaming and entertainment destination. Cohen, also the proprietor of the New York Mets, has been seeking a casino permit in the lower portion of New York, and this collaboration signifies notable progress.
The envisioned “Metropolis Park” would be situated adjacent to Citi Field in Queens and showcase a casino along with a diverse range of leisure activities. A central component of the development is a 20-acre public green space conceived by Field Operations, the company responsible for the High Line and Freshkills Park.
Blueprints also encompass an events venue, enhancements to mass transit, and a “Queens culinary marketplace.” The endeavor is projected to generate 15,000 employment opportunities, encompassing both construction and permanent roles.
Nevertheless, the undertaking encounters an obstacle as the designated location resides on state park property, necessitating a modification in legal statutes for the project to advance.
Although a legislative proposal was submitted during the previous session, it awaits a vote. Should it pass legislative scrutiny, this endeavor encounters an additional obstacle: securing approval from a siting commission composed of local elected representatives from the intended casino location. Only then would the state’s Gaming Facility Location Board determine the final destinations for the three available licenses.
Analysis by Spectrum Gaming projects that a Queens casino could generate a substantial $1.9 billion per year by 2025.
While the New York expansion is attracting attention, it’s important to acknowledge Hard Rock International’s active expansion in both the hospitality and gaming industries. They recently unveiled plans for a Hard Rock Hotel in Portugal’s Algarve region, an initiative anticipated to stimulate tourism and create employment opportunities in the scenic Praia da Rocha.
Concurrently, construction progresses on Canada’s inaugural Hard Rock Hotel & Casino, with an anticipated opening in Spring 2025.
Furthermore, Hard Rock Digital launched its Hard Rock Bet platform in New Jersey, providing a streamlined experience for both online users and those frequenting their Atlantic City retail sportsbook.