NY Mets’ owner Steve Cohen spices up $8bn casino proposal

Article by : Charles Perrin Feb 12, 2024

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New York Mets’ owner Steve Cohen has spiced up his casino proposal by showing how he intends to renovate the area close to the MLB franchise’s home stadium, Citi Field.

Roughly a dozen of operators, including MGM Resorts International and Wynn Resorts, are vying to secure one of the three coveted downstate New York permits, and Cohen’s company, Point72 Asset Management is masterminding their respective bid.

But Cohen’s project, which is expected to cost north of $8 billion, would be far more than just installing a casino.

It would entail creating five acres of athletic fields and 20 acres of parking space, and the plan would seek to create easy access to Willets Point station.

Further investment would be channeled towards providing additional health care, legal, and immigration services for the community in the area.

It is hoped the establishment of Metropolitan Park could create 15,000 fresh jobs, but there is some skepticism about the project.

New York State Sen. Jessica Ramos, who held a town hall meeting earlier this week and will be on the advisory committee that has the power to dismiss the plan, is adamant that residents need to be made aware of what is going on.

She said: “This is a really important decision. I still think not enough community members know about either proposal or that there is this possibility of a casino coming, and our community does deserve to know.”

There have been suggestions that the New York casino license battle could well drag into 2025, and the three winners would have to pay at least $500 million apiece to obtain a permit.

Although Cohen declared his hand to build a casino next to Citi Field towards the back end of last year, the proposal arguably seems to take in the wider picture.

However, while his plan is ambitious, it is worth pointing out that it is far from a done deal, and there are more hurdles to be cleared in order for his vision to materialize.