- Move over, Kevin James, Steve Cohen is the real “King of Queens”
- Cohen and Hard Rock have secured the right to develop a casino at Willets Point
Steve Cohen is accustomed to getting his way. The billionaire’s latest win came this week when his $8 billion proposal to overhaul Willets Point was recommended by the New York Gaming Facility Location Board.
Forbes estimates Cohen’s net worth to be around $23 billion. It was only a little more than a decade ago that the now 69-year-old’s group of hedge funds, operating as SAC Capital Advisors, agreed to pay $1.8 billion to settle an insider trading case with the SEC.
While SAC Capital pleaded guilty to insider trading, the settlement allowed Cohen to escape a criminal indictment himself, despite Stephen A. Cohen being the company’s initials and the hedge fund titan being the face of the firm.
Cohen rolled SAC into a new company, Point72 Asset Management, which today has about $41.5 billion in assets under management. Cohen’s empire extends to Queens, where he bought the MLB New York Mets in 2020 and the team’s Citi Field Ballpark.
Cohen’s ownership has been well-received by New Yorkers, as he’s spent heavily on acquiring superstars, including Francisco Lindor and poaching Juan Soto from the Mets’ cross-town rival Yankees. Cohen is now pledging to commit considerable resources to make part of the working blue-collar borough a luxury resort destination with one of the largest casinos in the entire country.
The King of Queens
Cohen, through a partnership with Hard Rock International, plans to redevelop the 78-acre surface parking lot adjacent to Citi Field into an integrated resort casino with an array of community benefits. The proposal suggests Metropolitan Park, as the scheme is being called, will create 17,100 construction jobs and more than 6K direct permanent jobs.
Metropolitan Park projects $33.5 billion in tax revenue over 30 years and an annual economic impact of $6.6 billion. Cohen says a hiring preference will be given for residents of Queens County.
Since acquiring the New York Mets in 2020, Steve Cohen has demonstrated a relentless commitment to improve not only the Mets, but also the area surrounding Citi Field. He and his team have been engaged with the Queens community for years to better understand how the site could be developed to support the needs of neighboring communities and enhance the area. As it became clear that an integrated resort was the key to unlock the potential of the site, Mr. Cohen set out to find the right partner. After an extensive process that evaluated the most prominent U.S. gaming operators, Mr. Cohen selected Hard Rock for two primary reasons,” the Metropolitan Park Executive Summary read.
Should the casino development come to fruition, Cohen would be among Queens’ largest employers, earning him the declaratory title of the “King of Queens.”
Along with jobs and tax revenue, Cohen’s plan includes 25 acres of public green space and a renovated Mets-Willets Point train station serving both the MTA Long Island Rail Road and Subway. Metropolitan Park additionally includes 450 affordable housing units in Corona.
The New York State Gaming Commission is expected to grant Metropolitan Park a casino license before the year’s end. That will allow the project to begin in earnest.
Charitable Endeavors
Since arriving in Queens by way of the Mets, Cohen and his wife, Alexandra, have given tens of millions of dollars to area beneficiaries.
During the COVID-19 pandemic, Cohen contributed almost $20 million to help support small businesses. The Cohens gave $5 million to The Child Center of New York and a record $116.2 million to LaGuardia Community College.
Cohen’s continued giving has earned him the nickname, “Uncle Steve.”
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