Billionaire hedge fund titan Steve Cohen is bidding for the rights to construct a casino in Queens with the same fervor he used to amass his Mets’ expensive lists, according to the report.
Cohen, whose net price is valued by Bloomberg at $13.1 billion through his ownership of hedge fund Point72 Asset Management, hired a military of lobbyists to persuade local officials to grant him a license to operate one among three casinos planned in the New York area.
“He hired the best team money can purchase,” Warren Schreiber, who heads a civil society organization in Queens opposing the casino, told Bloomberg News.
Cohen was the largest single donor to Mayor Eric Adams’ 2021 election campaign, pumping $2 million into external PACs to support Adams in the Democratic primary, Bloomberg reported.
According to Bloomberg News, Point72’s HI Chief of Staff Michael Sullivan has been involved in the political campaigns of elected officials who will grant approval to license the casino, including Governor Kathy Hochul and Queens state lawmakers.
The owner of the Mets who battles for a beneficial license against heavyweight competitors comparable to the Adelson family’s Las Vegas Sands, Resorts World, related Cos. and Wynn Resorts, reportedly partnering with Seminole Hard Rock to construct a gaming site on land adjoining to Citi Field in Flushing, Queens.
![Steve Cohen, the billionaire owner of the New York Mets, is fighting for the rights to build a casino adjacent to Citi Field.](https://nypost.com/wp-content/uploads/sites/2/2023/04/NYPICHPDPICT000009348656.jpg?w=1024)
The Seminole Tribe of Florida acquired the Hard Rock brand in 2007.
The corporate operates dozens of casinos and resorts across North America, including the Mirage in Las Vegas.
Cohen and Seminole Hard Rock built a casino in a parking zone west of Citi Field.
To get the license, Cohen must first pay a $1 million application fee. If elected, he can have to spend greater than $500 million on the license alone.
![Reportedly, Cohen wants to build a casino on a plot of about 50 acres near the Mets Citi Field in Flushing, Queens.](https://nypost.com/wp-content/uploads/sites/2/2023/04/NYPICHPDPICT000010307512.jpg?w=1024)
According to Bloomberg News, anyone who acquires a casino license must then commit to a further $500 million as a minimum investment in the project.
Judging by his Mets ownership, money just isn’t an obstacle for Cohen, who has reportedly used eight lobbying firms to pressure elected officials in each city and state governments.
The Mets this 12 months have the highest payroll in Major League history at $353 million.
![Cohen reportedly hired an army of lobbyists to help persuade local lawmakers to back his bid.](https://nypost.com/wp-content/uploads/sites/2/2023/04/NYPICHPDPICT000010307513.jpg?w=1024)
Last 12 months, Cohen’s ally Vincent Tortorella founded New Green Willets, a limited liability company that plans to spend not less than $729,000 this 12 months on lobbying fees for licensing, gaming and land use issues.
Cohen’s wife, Alexandra, donated $117,300 to the New York State Democratic Committee last 12 months, by City.
Sullivan donated a total of roughly $35,000 to several state lawmakers representing areas in and around Citi Field.
Last month, Queens Assemblyman Jeffrion Aubry introduced a bill that might allow Cohen to turn overcrowded parking lots around the baseball team’s Citi Field into a casino and entertainment complex.
As well as, Cohen spent greater than $1 million on blitz public relations efforts, including “visionary” sessions with Queens residents, in addition to social media campaigns and a website called “Queens Future.”
The web site “Queens Future” makes no explicit mention of the casino. As a substitute, he speaks of an “opportunity” to “reimagine this space and reshape our future.”
A casino in five boroughs can be a money cow for whoever owns it, and the state would get a share of the profits.
![Cohen was not shy about spending large sums of money to help improve the Mets.](https://nypost.com/wp-content/uploads/sites/2/2023/04/NYPICHPDPICT000006992799.jpg?w=1024)
A state-commissioned evaluation found that the Queens casino could potentially generate $1.9 billion a 12 months by 2025.
A casino in Flushing can be particularly useful to Cohen, given the large Asian immigrant population in Queens – a desirable demographic.
One possible obstacle to a Cohen-owned casino is the state’s requirement for a background disclosure form where applicants certify their “honesty, integrity, good character and status.”
In 2014, Cohen’s hedge fund SAC Capital was forced to pay a $1.8 billion superb to the federal government after pleading guilty to electronic and securities fraud.
Cohen, who has never faced criminal charges, has been accused of failing to prevent insider trading at the company he founded in 1992 and which bears his initials.
The Post asked Cohen for comment.