Steve Cohen Emerges as Leading Bidder for New York Casino Licenses

Billionaire Steve Cohen’s bid to open an $8 billion Metropolitan Park casino next to Citi Field has surged to the front of New York’s nascent casino competition, as state regulators move toward awarding up to three licenses by year’s end. The Cohen-Hard Rock proposal, which envisions a large-scale complex adjacent to the Mets’ ballpark, gained momentum after two high-profile Manhattan plans were canned amid neighborhood opposition, clearing a path for Cohen’s bid to stand out among contenders.

With Caesars/Jay-Z-Roc Nation and SL Green’s Times Square plan and Silverstein Properties’ Far West Side concept removed from consideration, the field narrows to a mix of established operators with track records in gaming regulation and regional presence. In addition to Cohen’s Metropolitan Park project, the strongest contenders are Genting Resorts World at Aqueduct in Queens and MGM Empire City at Yonkers, both current racino operators seeking live table gaming such as craps, blackjack, poker and baccarat.

Industry observers say Cohen’s bid has gained a significant edge, in part because the other remaining proposals lack the momentum that comes with long operational histories and established regulatory relationships. Former gaming regulator John Sabini said Cohen’s proposal is “the strongest contender — by a pretty large margin,” noting that Genting Resorts World at Aqueduct and MGM Empire City at Yonkers are well positioned to move quickly given their existing legal gaming footprints and readiness. Sabini, who previously chaired the state Racing and Wagering Board, emphasized that speed matters in a process designed to bring live gaming to viable, regulated markets without protracted delays.

The push for a Queens site, as well as the ongoing position of Yonkers and Aqueduct, also reflects concerns about neighborhood impact and regulatory scrutiny. Queens State Senator Joe Addabbo, whose district borders the Aqueduct facility, highlighted Genting Resorts World’s community track record, noting that it has served as a vaccination site during the pandemic and aided recovery efforts after disasters like Superstorm Sandy. In contrast, the municipalities behind Manhattan proposals faced sharp local pushback that ultimately contributed to their withdrawal from the race.

Sabini pointed to the two racinos—the Genting Resorts World at Aqueduct and MGM Empire City at Yonkers—as “the top contenders — easily,” arguing they can open new live-table gaming options more rapidly than a newly built, standalone casino. He added that they have operated under the state’s gaming framework for years and have demonstrated strong regulatory compliance and steady revenue streams for the state.

The broader field remains politically fluid. Bally’s bid to convert Trump-era property at Ferry Point in The Bronx into a casino and a separate bid from a Thor Equities-led, Global Gaming Solutions-backed Coney Island project are viewed as the next tier of contenders. Sabini described them as “dark horses,” with Bally’s regarded slightly ahead of Coney Island due to the former’s existing leases and infrastructure, though both proposals face significant community concerns and regulatory hurdles. In addition, Stefan Soloviev and Mohegan Sun’s “Freedom Plaza” bid along the East River continues to absorb attention as a bid with a high-profile partner and a dramatic location, but it has met staunch neighborhood opposition and questions about its compatibility with surrounding land use.

The state Gaming Commission is weighing up to three licenses, balancing the public interest, neighborhood impacts, and the bidders’ readiness to commence operations. One compliance question regulators are weighing is whether awarding a license to a bidder closely aligned with existing racinos could cannibalize current earnings from Aqueduct or Yonkers, potentially reducing the public revenue such a license is designed to generate. The proximity issue is real: the Cohen-Hard Rock plan would be roughly 10 miles from Aqueduct’s Genting Resorts World, while Bally’s near Yonkers would create its own set of competitive considerations.

Beyond the primary trio of contenders, the behavior of bidders and local politics could still reshape the landscape. The Cohen-Hard Rock bid has benefited from supportive legislative action earlier in the year, including the passage of a law enabling the re-designation of parcels surrounding Citi Field from parkland to commercial use for the casino project, despite earlier resistance from some state lawmakers and local officials. The approval of that law by the state Senate and Assembly helped solidify Cohen’s position as a viable bidder and signaled a broader willingness to reimagine land use around the stadium.

The state’s decision will hinge on a combination of regulatory readiness, neighborhood acceptance, and the ability to deliver on a complex development that blends entertainment, hospitality and gaming. While Cohen’s Metropolitan Park concept has drawn significant attention and political momentum, the gaming commission’s final choice could still pivot on factors such as financial viability, capital needs, and the ability to bring jobs and tax revenue to New York in a timely fashion.

As the process unfolds, analysts expect a cautious, methodical approach from regulators, with final license allocations anticipated before year-end. For residents and local officials weighing the impact of new casinos on traffic, crime, housing, and public services, the decisions will shape the region’s economic and cultural landscape for years to come.