New York Awards Downstate Gambling Licenses to Steve Cohen-Hard Rock Partnership, Projecting $7 Billion in Tax Revenue Through 2036
TL;DR — Steve Cohen and Hard Rock secured one of New York’s three downstate gambling licenses for the $8B Metropolitan Park project next to Citi Field in Queens. Genting’s Resorts World and Bally’s received the other two. The three projects are projected to generate $7B in gaming tax revenue from 20…
TL;DR — Steve Cohen and Hard Rock secured one of New York’s three downstate gambling licenses for the $8B Metropolitan Park project next to Citi Field in Queens. Genting’s Resorts World and Bally’s received the other two. The three projects are projected to generate $7B in gaming tax revenue from 2027-2036.
SCCG Take — This license outcome clears the path for execution on the $8B project and $7B revenue target starting 2027, requiring the awarded operators to deliver against specific timelines and combined fiscal commitments.
Key Takeaways
- License Secured: Steve Cohen and Hard Rock have officially secured one of New York’s three downstate gambling licenses for their Metropolitan Park project next to Citi Field in Queens.
- Project Value: The partnership is built on an $8 billion casino proposal.
- Other Recipients: Genting’s Resorts World and Bally’s were also awarded licenses.
- Revenue Projection: The three casino projects are projected to generate $7 billion in gaming tax revenue from 2027-2036.
New York has awarded its three downstate gambling licenses. The partnership of Steve Cohen and Hard Rock secured one for the Metropolitan Park project. This $8 billion proposal will be located next to Citi Field in Queens.
Genting’s Resorts World and Bally’s received the remaining licenses. The three projects are projected to generate $7 billion in gaming tax revenue from 2027-2036. This outcome delivers long-awaited clarity on the state’s gaming expansion.
The Steve Cohen and Hard Rock Partnership
Steve Cohen and Hard Rock teamed up on the $8 billion casino proposal. That collaboration has now produced one of the three successful downstate license awards. The Metropolitan Park site next to Citi Field in Queens gives the project a distinct location advantage within the approved group.
The license win validates the scale of the $8 billion plan. Execution now becomes the central focus for this partnership. High-value proposals like this one set a benchmark for what the state expects from approved operators.
The Full slate of License Awardees
The three licenses went to the Steve Cohen and Hard Rock partnership, Genting’s Resorts World, and Bally’s. This exact trio emerged from the competitive process. Each award carries the same overarching revenue expectations for the group.
No additional licenses were granted beyond these three. The decision concentrates the downstate market among these named entities. This structure avoids fragmentation while aiming for the stated $7 billion revenue target.
Revenue Expectations and Timeline
The three casino projects are projected to generate $7 billion in gaming tax revenue from 2027-2036. The ten-year window starting in 2027 provides a concrete horizon for state revenue planning. The combined figure applies across all three licensees.
Breakdowns of the $7 billion by individual project are not stated. The $8 billion investment tied to the Metropolitan Park proposal is similarly presented at the aggregate level. These numbers come directly from the license announcement.
What the Announcement Leaves Unspecified
The license awards and $7 billion projection supply clear top-line facts, yet several operational details remain unknown. Exact construction start dates, individual project revenue splits, and any project-specific conditions attached to the licenses are not addressed in the source reporting.
Without those elements, it is impossible to model per-license outcomes or pinpoint potential bottlenecks unique to the Metropolitan Park site. This gap is specific to the current announcement rather than a generic observation. Stakeholders must treat the $7 billion and 2027 start as directional until further data emerges.
The Road Ahead for Project Execution
The license awards remove regulatory uncertainty for the three selected parties and allow them to concentrate on delivering the projected $7 billion in gaming tax revenue beginning in 2027. Operators should map capital deployment and timeline milestones against that ten-year window to protect both project viability and the state’s expected returns.
Future updates on construction progress and regulatory compliance will determine whether the $8 billion Metropolitan Park proposal and its counterparts meet the collective target. This moment marks the transition from bidding to delivery, where execution discipline will dictate the ultimate fiscal and operational results.
Reporting: BREAKING: Steve Cohen and Hard Rock – partners on an $8B casino proposal – have officially secured o (x.com)
New York just locked in its downstate casino trio — execution on $8B builds and $7B revenue starts now.
We've tracked this process for years, and now the gate is open. Three licenses, $8 billion in capital at stake, and a $7B tax target through 2036 — this is the biggest regulated market expansion in the East in a decade. Operators, suppliers, and financiers all need to move fast.
- Cohen-Hard Rock's $8B Metropolitan Park at Citi Field won one of three downstate licenses
- Genting's Resorts World and Bally's secured the other two awards
- $7B in gaming tax revenue projected 2027–2036 across all three properties
SCCG angle: SCCG has deep relationships across tribal, commercial, and platform ecosystems — exactly the mix these three builds will need. We're actively connecting technology, payments, and content partners to the operators and construction timelines in play right now, because the $8B capital deploy starts immediately.