Steve Cohen Wins Approval for One of Three New Casinos in New York City

WSJ What’s News

The Wall Street Journal

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4 • 4K Ratings

🗓️ 1 December 2025

⏱️ 12 minutes

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Summary

P.M. Edition for Dec. 1. Mets owner and billionaire investor Steve Cohen gets the nod for an $8 billion hotel and casino project near the Mets’ stadium in Queens. WSJ hedge-fund reporter Peter Rudegeair discusses Cohen’s comeback and why he wants a casino by Citi Field. WSJ’s E.B. Solomont joins the show to discuss a North Carolina village where some of America’s richest people go to fly under the radar. Plus, Goldman Sachs says it’s spending about $2 billion to buy Innovator Capital Management, a company behind a kind of ETFs known as “boomer candy” for their popularity with baby boomers looking to curb the risks of investing in volatile stock markets. Sabrina Siddiqui hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	In a world full of noise, long-term thinking stands out.
0:07.1	On the Capital Ideas podcast, Capital Group Leaders explore the decisions that matter most
0:12.4	in investing, leadership, and life.
0:16.0	It's a rare look inside a firm that's been helping people pursue their financial goals for more than 90 years.
0:22.5	Listen to the Capital Ideas podcast from Capital Group, published by Capital Client Group, Inc.
0:33.5	Matt's owner and billionaire investors, Steve Cohen, wins approval for one of the three new casinos in New York City.
0:40.8	Plus, this North Carolina village is where some of America's richest people go to fly under the radar.
0:47.3	Cashers only has 825 year-round residents, and so to have four billionaires and to have this influx of wealth over the
0:54.9	summer is just incredibly stark. And Goldman Sachs is buying a company that specializes in
1:00.9	ETFs known as Boomer Candy. It's Monday, December 1st. I'm Sabrina Siddiqui for the Wall Street
1:07.5	Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
1:17.6	A year's long effort to bring casinos to New York City resulted in state approvals for three in the city today. A gaming commission has approved bids from Mets owner Steve Cohen and two
1:29.2	other developers opening the door to high-end gambling venues in a city that has long restricted them.
1:35.4	Cohen, the billionaire investor and the entertainment company Hard Rock, want their casino beside the
1:40.2	Met's city field in Queens. Their $8 billion plan includes a hotel, an amphitheater, and 25 acres of
1:47.3	green space by a future soccer stadium. Also approved were Bally's $4 billion project that would be next to
1:54.0	its Bronx golf course and a $5.5 billion plan from Malaysia's Genting Group to turn its Queen's
2:00.3	slots operation into a full-fledged
2:02.4	casino. The state will collect a license fee of at least $500 million from each recipient,
2:08.6	and the casino backers have said they'll lead to good jobs and boost tax revenue.
2:13.4	Wall Street Journal reporter Peter Rudigier joins us now with more. Peter, the casino proposals got pushback from some residents, local politicians, and community organizations who had worries about traffic and other concerns.
2:26.5	Why did this politically tricky project appeal to Cohen?
	...

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