Steve Cohen is a man on a mission, determined to bring a casino to New York City. The billionaire owner of New York Mets has long had his sights set on building a casino near Citi Field, where the Major League Baseball team plays their home games. Now he is putting some tangible numbers on what it will cost for such an endeavor.
The price tag could be as high as $138 million for lobbying the New York government to get approval for a casino. This would be on top of the $500 million fee for the license from the state of New York and another $500 million required in investment.
It’s a big swing, but it is one that Cohen clearly believes is worth it, shown by his his large team of lobbyists. The hedge fund founder is not a current casino owner but seems to be committed to the idea of becoming one, and stated he would partner with the Seminole Tribe and Hard Rock brand if he is granted a license.
Heated Competition
The 68-year-old is facing stiff competition from others who are also bidding for casino licenses in the New York area. There are 11 major proposals for officials to choose from, including concepts for a Coney Island casino, a casino in the Bronx, one along the east river, and a pitch from Caesars Entertainment, who is aiming for a Times Square casino.
The advantage that Cohen may have on the other bidders is land. Many of the other bids need land use approval from city planners, from Mayor Eric Adams, and the New York City council.
Cohen, however, has a detailed plan for his casino location. The noted art collector wants to turn a current parking lot space next to Citi Field into the casino site, an idea floated as early as 2013.
Cohen called the area of land “a complete waste of space.” If built, patrons would have an easy pathway from the casino to the stadium, a concept similar to what Las Vegas has cooked up for the incoming Athletics franchise.
Lobbyists say the casino project would create thousands of jobs, both temporary during construction and permanent once opened.
The state of New York has quickly risen to the top of the legalized gambling landscape in the U.S. with sports betting becoming the nationwide leader in just one year after legalization in 2022.
When Will The Decision Come?
The Gaming Facility Location Board are the ones who are ultimately responsible for making the final decision. The mayor and other elected officials on the board have been open to a casino project.
However, there are also powerful voices and forces who are pushing hard against any casino in the New York area.
The decision is slated to come in December of 2025, giving lobbyists and other involved parties nine more months to make their cases.
Cohen, who credited poker for teaching him “how to take risks,” is said to have loosely inspired the Bobby Axelrod character on Showtime’s Billions. He owns 97% of the Mets, having bought in as a minority owner back in 2012 and taking over the majority in 2020.
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