Steve Cohen—hedge fund billionaire, art collector, MLB team owner, and now potential casino operator—is nearing one of the most significant reinventions of his career. With a recent preliminary sign-off from the New York State Gaming Commission’s facility location board, Cohen is closer than ever to securing approval for Metropolitan Park, a full-scale casino proposed for land adjacent to Citi Field in Queens. For an investor once associated with one of Wall Street’s most infamous insider-trading investigations, the casino bid marks both an economic opportunity and a symbolic reset of his public identity.

A High-Stakes Vision for Queens’ Economic Future

The Metropolitan Park project, backed by Hard Rock International and the Seminole Tribe of Florida, is expected to generate roughly $3.9 billion in annual revenue once operational. It represents one of the most ambitious redevelopment proposals in the region, set to transform a Queens parking lot into a sweeping entertainment district that includes a 1,000-room hotel, a 5,000-seat music venue, landscaped public spaces, and a food hall.

If the full commission grants final approval—expected by year-end—Metropolitan Park would join two other licensed competitors: Genting Group’s Resorts World expansion and Bally’s planned Bronx casino. Cohen’s $8 billion proposal, one of only three to survive the state’s extensive regulatory and political scrutiny, is the culmination of years spent cultivating local support and navigating New York’s complex development ecosystem.

Rebuilding Reputation Through Community Investment

For Cohen, the casino bid is not merely a business undertaking but a reputational renaissance. His former hedge fund, SAC Capital Advisors, pleaded guilty to securities fraud in 2014, paying a record $1.8 billion fine. Though he was never personally charged, Cohen was barred from managing outside money for two years. His return through Point72 Asset Management—now with more than $41.5 billion under management—demonstrates his recovery as a financial force. Yet it is his extensive philanthropy and civic engagement in Queens that have reshaped how many New Yorkers perceive him.

Cohen has donated tens of millions of dollars to local nonprofits, supported small businesses through the pandemic, and contributed more than $116 million to LaGuardia Community College. His foundation’s investments in mental health, education, and neighborhood programs have not only earned goodwill but helped solidify political alliances necessary for the casino’s advancement. In the eyes of many residents, Cohen has evolved into a community benefactor—affectionately dubbed “Uncle Steve.”

The Politics of Winning Over Queens

New York State’s casino approval process was designed to be grueling. Every bid required majority support from a six-member community advisory committee, giving local leaders extraordinary power to halt or advance proposals. Cohen’s team employed a comprehensive outreach strategy, holding more than 1,000 meetings and 16 public workshops, and recruiting consultants with deep ties to Queens’ diverse communities. That approach stood in stark contrast to Amazon’s failed HQ2 proposal in 2018, which collapsed after backlash over insufficient local engagement.

By listening first—rather than presenting a fixed plan—Cohen’s team differentiated itself. Even unconventional elements played symbolic roles, such as the hiring of a feng shui expert who declared the bat-shaped complex “auspicious,” reinforcing themes of prosperity and longevity.

Regulatory Scrutiny and the Future of Sports Gambling

While Cohen’s past prompted heightened attention from regulators, experts note that his lack of personal charges reduces barriers to securing a gaming license. The more surprising development, some analysts argue, is the prospect of a Major League Baseball owner running a casino beside his team’s ballpark—an arrangement once unthinkable given the sport’s historic sensitivity to gambling. Cohen has maintained that he will not profit from baseball wagering, with Hard Rock operating the sportsbook independently.

If approved, Metropolitan Park is slated to open in 2030, anchoring a broader redevelopment of the Willets Point neighborhood and adding 450 units of affordable housing. The long-term strategy positions Cohen not only as a financier but as a civic developer shaping New York’s economic and cultural landscape.

Looking ahead, observers will watch the final state review closely, as well as community reactions as the project nears groundbreaking. The casino’s success will depend not just on regulatory clearance, but on Cohen’s continued ability to navigate political expectations, maintain public support, and deliver on the sweeping economic promises embedded in the Metropolitan Park vision.