Considering the resounding success of mobile sports betting in New York, leading industry operators showed interest in securing one of the state’s three new downstate casino licenses. The fierce competition was joined by industry giants, including Wynn Resorts, Las Vegas Sands, MGM Resorts International and several other bidders. Overall, nearly a dozen bidders joined the race for a downstate license, acknowledging the exponential potential of such a victory.

Steve Cohen, the New York Mets’ owner, also joined the bidding for a downstate casino license in New York. Details regarding his intention to build a casino near Citi Field, his team’s home stadium, emerged last year. Upon announcing that he decided to join the race, Cohen said that the new casino is expected to deliver entertaining experiences for Mets fans before and after home games. He also did not rule out that such a venue can help propel interest in the area, attracting more visitors than before.

Now a new report reveals that the Mets owner is trying to spice things up for his casino license bid in New York. As announced by Spectrum News NY1, earlier this week, Cohen’s Point72 Asset Management presented a multi-billion-dollar plan for the development of the area near City Field. Besides the casino, Cohen reportedly plans to introduce significant improvements to the area, including five acres of athletic fields and 20 acres of park space using City Field’s parking lots.

Moreover, the ambitious plan seeks to create easy access to Willets Point station. Further improvements to the area include investments in senior and youth programs, as well as additional health care, legal and immigration services for the community in the area. Reportedly the project has a price tag of $8 billion.

The Casino Proposal Is Important for Communities in the Area

While undoubtedly, there are positive sides to the casino proposal, not everyone agrees. At a town hall meeting on Wednesday, New York Sen. Jessica Ramos spoke about the importance of the casino bid in the area for communities. “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,” she explained.

Sen. Ramos is among the decision makers for the casino bid considering that she will be appointing one out of five members within a special community advisory committee that will vote for or against the proposed project.

Cohen became the owner of the Mets after a deal for a staggering $2.4 billion back in 2021. At the time, he purchased the famous MLB franchise from the Wilpon and Katz families ahead of the start of the MLB season.

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Steve Cohen, the owner of the New York Mets MLB franchise, has plans to construct a new casino next to the team’s home stadium, Citi Field. Cohen hopes that the new property would attract more people to the area. The move would mirror other franchises’ efforts to attract people to their stadiums.

During Sportico’s recent Invest in Sports conference, Cohen regretted the lack of activities around Citi Field. He jokingly said that the only thing people can do around is “get their hubcap changed or maybe get back a catalytic converter.” He described the area as “50 acres of cement.”

According to Cohen, the new casino would provide NY Mets fans with something to do before the game or after the game, increasing interest in the area.

The MLB franchise owner also noted that his team will no longer “invest in ballparks” and will instead try to create experience sports fans actually care about.

I have tons of ideas I want to implement. You can’t spend an unlimited amount of money, so you’ve got to budget. And also, dealing with the underinvestment that I had to deal with coming in. I call it the money pit.

Steve Cohen, owner, NY Mets

The owner concluded that Citi Field is an “unpolished gem” that he hopes to turn around.

Cohen’s casino proposal isn’t the first time someone has tried to develop the area around Citi Field. A year ago, NY Mayor Eric Adams unveiled plans for an adjacent MLB stadium.

Cohens’ proposal comes as the race for NY’s three casino licenses rages on.

Cohen Is Passionate about Investing in the Mets

Cohen purchased the NY Mets from the Wilpon and Katz families back in 2021, prior to the start of the MLB season. The deal cost the businessmen a staggering $2.4 billion.

Despite the significant investment, Cohen revealed that he enjoys being a team owner to the point where he would consider buying another team. However, the businessman prefers to get the NY Mets right first before considering another such investment.

Cohen said that his job as a team owner has been much more satisfying than his hedge fund ventures because people now actually “care about him.”

Meanwhile, Cohen continues his search for a chief executive officer of the Mets. He said that many of the candidates seem nice at first but fail to impress him once he meets them a second time.

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Steve Cohen, an American hedge fund manager and owner of the New York Mets MLB franchise, has refrained from signing a deal with New York City FC to share a certain 50-acre parking lot. The billionaire, who is planning to use the land for a future casino, has not agreed to a deal that would have allowed fans of New York City FC to park there.

Cohen is currently holding the land in hopes of winning one of the NY casino licenses. While the state plans to only award three such licenses, high-profile companies and investors are already making plans for potential gambling venues.

The deal that Cohen did not agree to would have allowed NYCFC fans to park at the Mets’ Citi Field when coming for Willets Point stadium games. The stadium, which is still being built by Queens Development Group, will be a part of a complex that will also include housing and a school. In the second phase of the project, the soccer stadium will be completed, more housing will be added and a new 350-hotel will be built.

While the first facilities wouldn’t be ready until 2026, the project will require a degree of coordination between the Mets and NYCFC. The two franchises have overlapping seasons and will have to coordinate the parking spaces for stadium visitors.

However, to reach an agreement, Cohen must be willing to negotiate with Queens Development Group. The group’s current planning documents outline that attendees of soccer events at the Willets Point stadium would occupy spaces surrounding Citi Field through an agreement with the Mets.

About Cohen’s Project

The billionaire is yet to put his signature on the deal because of his ambition for the land. However, even if he is to build a casino, the process would be arduous, considering that the lot is legally considered parkland.

To make the development of a casino a reality, Cohen will have to alienate the lot. He already introduced a bill for that but despite his lobbying efforts, the city continues to oppose his plans.

A recent poll, on the other hand, showed that many Queens residents tend to be favorable of the idea of a casino in the area. According to a survey conducted by Schoen Cooperman Research, around 78% of the residents expressed their support for the project.

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