In the Empire State, casino advocates and opponents are locked in a turf war. It seems that neither side is willing to give up an inch of breathing room, but instead puts more chips forward as the calendar moves towards the summer months.
Steve Cohen is Gearing Towards All-In on the Proposal
The New York Mets owner, Steve Cohen, is looking forward to making another pricey transaction after taking over the New York Mets not too long ago. When making a simple Google search in regard to Cohen’s net worth, finances aren’t an issue when making an investment or purchase.
Anyone who is trying to obtain a casino license in New York needs to commit an additional $500 million as a minimal investment into any sort of project. The Mets have the highest payroll in the MLB this season and almost committed $500 million to the payroll if Carlos Correa signed with the team, but ended up returning to the Minnesota Twins.
If the luxury tax exceeds an absurd amount, rival owners in the league came up with the phrase “Cohen tax”. Like it or not, the Mets will face immense pressure this season because this is a test run to see if money can win franchises championships.
Cohen has reportedly hired many casino lobbyists to help persuade local lawmakers to support the bill. These are a few donations and lobbyists’ fees during the uphill battle to gain as much support as possible.
What Are Some of the Transactions Leading Up to the Process?
New Green Willets, a limited liability company formed by Cohen ally Vincent Tortorella, plans to spend $729,000 on lobbying fees this year for licensing, gaming, and land use issues. According to The City, Cohen’s wife, Alexandra, gave $117,300 to New York State’s Democratic Committee last year.
Additionally, Cohen allocated over $1 million for a public relations effort that includes “visioning” sessions with Queens locals, social media campaigns, and a website known as “Queens Future.” a casino in the five boroughs for the lobbyists would be a dream scenario because it would provide a consistent flow of revenue for not only the owner of the gaming facility but also the state.
The billionaire owner and hedge fund manager will be up against steep competition as many competitors will bid for the same location. However, if successful, the investment because of the Citi Field parking lot and the gaming venue would be essentially on the doorstep of Chinatown.
Chinatown’s target demographic would be a revenue hotspot for these gaming facilities because gambling was a popular pastime in the city. To build the 50-acre lot, Cohen would need clearance from state lawmakers, but the process hasn’t been an easy one because many lawmakers oppose the idea of gambling in general.
An analyst of the market stated, “The success of the Macau business proves the Chinese population loves gambling,” the analyst said — noting that the gross gaming revenue in the Chinese city, with a population not much larger than that of Staten Island, had exceeded the take of Las Vegas before COVID.”
Places like Coney Island have been prime locations in which casinos went to develop. Some small businesses want these casinos to build these resorts because they would provide business year round. However, others, including the “say no to a casino’ petition, continue to urge lawmakers and other prominent figures to oppose these initiatives set out by the casinos.
Last Updated on by Ryan