Steve Cohen’s Queens Casino Project to Bring in $33B in Tax Revenue

New estimates in the latest filing indicate that the Metropolitan Park project is expected to generate more than $33 billion in tax revenue over the course of the next three decadesImage Source: Shutterstock.com

The much-awaited Metropolitan Park plan, a team effort between New York Mets owner Steve Cohenand Hard Rock International, has ngaken a big step forward. The team behind the project turned in an extra applicationto the New York State Gaming Facility Location Boardbefore the October 14 cutoff, standing by their $8 billion visionto turn the parking areas around Citi Fieldinto one of New York’s biggest entertainment spots.

Metropolitan Park Project To Create Over 40,000 Jobs in Queens

Fresh projections in the filing show that the Metropolitan Park projectwill have an impact on tax revenueto the tune of over $33 billionin the next 30 years. The complex will create about 17,000 direct construction jobsand 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.

The planned project would cover 50 acres, including a 25-acre public park, a Hard Rock hotel and casino, a Taste of Queensfood 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.

From a financial standpoint, the group wants to pay a $500 million license feeright away. They also suggest a 25% tax on slot machine earningsand 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.

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 sportsbookmaking it one of the biggest gaming floors in the area.

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 Committeegave it their full support.

The projectcleared major legal obstaclesearlier this year when the City Counciland 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 Worldin 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.