Steve Cohen is a person on a mission, decided to deliver a on line casino to New York City. The billionaire proprietor of New York Mets has lengthy had his sights set on constructing a on line casino close to Citi Field, the place the Major League Baseball workforce performs their dwelling video games. Now he’s placing some tangible numbers on what it should value for such an endeavor.
The price ticket may very well be as excessive as $138 million for lobbying the New York authorities to get approval for a on line casino. This can be on high of the $500 million payment for the license from the state of New York and one other $500 million required in funding.
It’s an enormous swing, however it’s one which Cohen clearly believes is value it, proven by his his giant workforce of lobbyists. The hedge fund founder just isn’t a present on line casino proprietor however appears to be dedicated to the concept of turning into one, and said he would accomplice with the Seminole Tribe and Hard Rock model if he’s granted a license.
Heated Competition
The 68-year-old is going through stiff competitors from others who’re additionally bidding for on line casino licenses within the New York space. There are 11 main proposals for officers to select from, together with ideas for a Coney Island on line casino, a on line casino within the Bronx, one alongside the east river, and a pitch from Caesars Entertainment, who’s aiming for a Times Square on line casino.
The benefit that Cohen could have on the opposite bidders is land. Many of the opposite bids want land use approval from metropolis planners, from Mayor Eric Adams, and the New York City council.
Cohen, nevertheless, has an in depth plan for his on line casino location. The famous artwork collector needs to show a present car parking zone area subsequent to Citi Field into the on line casino web site, an thought floated as early as 2013.
Cohen referred to as the realm of land “a complete waste of space.” If constructed, patrons would have a simple pathway from the on line casino to the stadium, an idea much like what Las Vegas has cooked up for the incoming Athletics franchise.
Lobbyists say the on line casino mission would create 1000’s of jobs, each momentary throughout development and everlasting as soon as opened.
The state of New York has shortly risen to the highest of the legalized playing panorama within the U.S. with sports activities betting turning into the nationwide chief in only one yr after legalization in 2022.
When Will The Decision Come?
The Gaming Facility Location Board are those who’re finally answerable for making the ultimate resolution. The mayor and different elected officers on the board have been open to a on line casino mission.
However, there are additionally highly effective voices and forces who’re pushing arduous towards any on line casino within the New York space.
The resolution is slated to come back in December of 2025, giving lobbyists and different concerned events 9 extra months to make their instances.
Cohen, who credited poker for educating him “how to take risks,” is alleged to have loosely impressed the Bobby Axelrod character on Showtime’s Billions. He owns 97% of the Mets, having purchased in as a minority proprietor again in 2012 and taking on the bulk in 2020.
