Steve Cohen’s Casino Lobbying Blitz Leads NYC Spending Frenzy
Mets Owner Spent Over $2 Million for His $8 Billion Project Near Citi Field
Meet the Mets Owner
Steve Cohen, the billionaire owner of the New York Mets, is all-in on New York City’s casino game, after two of his entities spent over $2 million in lobbying alone in 2024, more than any other bidder.
This effort from “Mr. Met” was part of a record-breaking $138 million in lobbying in New York City last year, according to the latest Lobbying Bureau Annual Report from NYC’s Council Clerk’s Office.
Other high-rollers joining Cohen at the table are Genting New York and Bally’s Corporation, which spent $990,000 and $914,000 respectively. Genting, which operates Resorts World at Aqueduct Racetrack, and Bally’s Bronx proposal have also been in the mix for a New York City casino license.
While land-based casino lobbying is hot, online casino gambling in New York City is moving slowly. On January 21, Senator Joseph Addabbo filed SB2614 to expand online gambling regulations in the Big Apple.
However, the Senate Racing, Gaming and Wagering Committee has only met once this year and hasn’t discussed iGaming at all.
Inside Cohen’s Metropolitan Park Gamble
Cohen’s bid to have a casino in New York involves more than just money, as he has to navigate both gambling regulations and community requirements. His $8 billion project hinges on legislative approval to rezone nearby parkland around Citi Field, which is a big ask and potentially contentious.
Steve Cohen wants to build an $8 billion entertainment district around Citi Field — complete with public parks, bars, restaurants, a hotel, a casino, and a sportsbook.
Cohen still needs state & city approval (+ a casino license), but the entire project would be privately funded. pic.twitter.com/Dszspgl8ab
— Joe Pompliano (@JoePompliano) February 14, 2025
Genting and Wynn Resorts face similar regulatory hurdles as they propose big projects across the city. Wynn Resorts is proposing a $12 billion casino in Hudson Yards, Bally’s is proposing a cash casino in the Bronx.
However, some are calling bluff. While Cohen, Bally’s, and Genting are all in, some heavy hitters are sitting out. MGM, the current global leader in casino revenue with $17.24 billion in 2024, was absent from the city’s lobbying report, despite being a favorite for one of New York’s casino licenses.
Bluffing
MGM Resorts, which has operated Empire City Casino at Yonkers Raceway since 2019, has already proposed a $5 billion plan to transform its current racino into a Las Vegas-style resort just north of Manhattan.
Las Vegas Sands and Caesars Entertainment didn’t spend big on lobbying. So 3 of the top 5 largest casino companies in 2024, according to this casino news site, are sitting out the game.
@EmpireCCasino Surpasses Milestone!
Empire City Casino by MGM has hit a major milestone, surpassing $15B generated for New York State education! 🎉🎰📚#EmpireCityCasino #MGM #NewYork #Yonkers #Casino #Milestone #SupportEducation #NYC pic.twitter.com/joVYZTWI6j
— Generation Yonkers (@GenYonkers) January 21, 2025
Now the stakes are high in New York City’s political poker game with billions at stake, and thousands of jobs and tourism to play for.
And speaking of which, while casino interests are getting a lot of attention, casino hopefuls aren’t the only big spenders at City Hall. Airbnb has also placed big bets, pouring millions into lobbying to relax New York’s short-term rental laws.
With Local Law 18 cutting Airbnb listings by up to 90% in some areas, the company is invested in rolling back regulations.
Monetization in Digitalization?
While land-based casino projects are getting the spotlight in New York, the discussion around SB2614 seems to have stalled. This is the third time Addabbo has filed a similar proposal to expand online casinos and digital lottery sales. His proposal has a 30.5% tax.
Proponents argue this could bring in big tax revenues and consumer protections, including $25 million annually for casino employees to get on bet platforms online. But despite multiple attempts and a regulatory framework for responsible gaming, the bill hasn’t gone anywhere.
However, this past Tuesday, Addabbo also filed bill S5935 to explicitly ban online sweepstakes casinos, joining other states like Connecticut, Florida, and Mississippi. Meanwhile, Hawaii seems to be taking a different approach as lawmakers are considering a bill that would regulate these types of platforms that offer casino games for people who don’t necessarily want to play for real money.
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