"Not long after he bought the Mets for $2.4 billion, the hedge-fund baron Steven A. Cohen had a deal in mind that was several times more lucrative. He wanted to build a massive casino and resort next door to the Mets' home in Queens, Citi Field. If it worked, it would be one of the city's largest real-estate development projects in decades."
"Over and over again, it looked like the lobbying campaign would collapse under its own weight. There was infighting, shock reversals, and a couple of scandals. But on Monday, a state board awarded Cohen's firm one of the precious bids. It means Cohen is one last rubber stamp away from winning "a license to print money, literally," as one casino insider told me last year. But not just that. It means his stature in New York has suddenly grown from merely giant to absolute kaiju-size."
"The 78-acre project is expected to cost $6.35 billion to build, plus another $1.75 billion in community infrastructure. Tens of thousands of people will work on and around "Metropolitan Park," as Cohen's team is calling it, making him one of the borough's biggest employers. They're projecting Metropolitan Park will pay out more than $33.5 billion in taxes alone over 30 years, making him one of the state's largest taxpayers."
Steven A. Cohen proposed a massive casino and resort adjacent to Citi Field soon after purchasing the Mets. The proposal faced fierce competition for one of three state casino licenses and significant local opposition in a working-class neighborhood. Cohen's team launched an intensive lobbying campaign beginning in spring 2022, enduring infighting, reversals, and scandals before a state board awarded the firm a bid. The 78-acre Metropolitan Park is projected to cost $6.35 billion plus $1.75 billion in infrastructure, employ tens of thousands, and generate more than $33.5 billion in taxes over 30 years, with final approval likely.
Read at Intelligencer
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