How did Steve Cohen's Casino License Bid Get this Far?

Did Billionaire Network TV News, Ignore Cohen's SAC Capital Insider Trading History, in Order to Enable the Fellow Billionaire to Keep Gaming Us & the System?

December 1, 2025 / NYC Business / NYC Politics & Government / News Analysis & Opinion / Gotham Buzz NYC.

SAC [Steve A. Cohen] Capital

Pleads Guilty to the Largest Insider Trading Scandal in Modern History

The short story on Steve Cohen is that in 1992 he founded a company that operated a number of hedge funds. He was so proud of it, that he put his name on it - SAC Capital - which is short for Steve A. Cohen Capital. Fast forward less than 20 years to 2010 and the SEC is investigating SAC Capital associates for insider trading. Fast forward another three years and SAC Capital has paid $1.8 billion and has pleaded guilty to insider-trading charges. It's one of the biggest insider trading scandals in modern history and the largest involving a hedge fund.

For details on the Steven A. Cohen Capital Insider Trading case see -

https://en.wikipedia.org/wiki/S.A.C._Capital_Advisors

Did Cohen Foster a Culture of Corruption at SAC?

Cohen himself never personally pleaded guilty, in part because it's difficult to prove scienter - which is a legal term for intent or knowledge of wrongdoing. But that said, the Steve A. Cohen Capital firm, was founded by and run by Cohen for 20 years. And one of Cohen's high school chums, Michael Steinberg, became one of SAC's most senior portfolio managers. Steinberg was cited by one of his analysts, Horvath, as essentially telling Horvath to seek out non-public information, that they could trade on, which in essence is insider trading.

And while the Steven A. Cohen Capital firm says they take compliance with regulations seriously, a report by American University Business Law Review notes that SAC refused to give them even one example of its refusal to hire someone because of compliance concerns. On the other hand, the Steven A. Cohen Capital firm did hire people, such as Richard S. Lee, who was known to be a risk, as he had just been fired by a Chicago firm for altering his holdings in their accounting system on his first day on the job. Even SAC Capital Legal had reportedly advised against hiring him. Lee eventually ended up as one of the firm's employees who was convicted.

For further details on Cohen's alleged malfeasance use the following links.

https://digitalcommons.wcl.american.edu/cgi/viewcontent.cgi?article=1071&context=aublr

https://www.cbsnews.com/news/hedge-fund-manager-steven-cohen-settles-with-commodities-agency

• CLICK here for the rest of the story, including Cohen's management of the NY Mets - How did Steve Cohen of SAC Capital get Awarded a License for Metropolitan Park Casino Queens?

How did Steve Cohen's Casino License Bid Get this Far?

Did Billionaire Network TV News, Ignore Cohen's SAC Capital Insider Trading History, in Order to Enable the Fellow Billionaire to Keep Gaming Us & the System?

December 1, 2025 / NYC Business / NYC Politics & Government / News Analysis & Opinion / Gotham Buzz NYC. Continued.

Has Cohen been Fostering a Culture of Corruption at the Mets?

Cohen Hires Matt Scherzer & Edwin Diaz - Both of Whom were Caught Cheating in 2024 & in 2023 Scherzer was Ejected & Suspended

At the end of 2021 Cohen hired Max Scherzer to pitch for the Mets. Scherzer has been rumored to have a reputation for using 'sticky stuff', some of which is no longer allowed. The second year of Scherzer's stint at the Mets, he was ejected from a game and suspended from play for 10 games, for allegedly using the 'sticky stuff' which he didn't contest.

In 2024, as the Mets took off in the standings, with the expensive new hires made by Cohen, three of the Mets pitchers got caught cheating with 'sticky stuff'. Two of them were players Cohen had signed [Scherzer & Diaz], and the third was a relief pitcher [Drew Smith], whose future was uncertain - meaning there was more pressure on him to do whatever it takes, to keep his job. On November 4, 2025 he became a free agent.

Given the Steven A. Cohen Capital firm's cheating with insider trading, and alleged culture of corruption, one has to wonder if the fact that the Mets were caught cheating with 'sticky stuff' in 2024 - 3x more than any other team - is more than just a coincidence? Cohen acquired the Mets in late October of 2020. The Mets were caught cheating in 2021. And then in 2024 as Cohen seemed to take a more visible and active role in managing the team they broke the record that year, and it seemed to change their fortunes to the upside.

To see how Cohen's new Mets team has been caught cheating see -

https://www.mlb.com/news/edwin-diaz-ejected-for-sticky-stuff-violation

And Scherzer's been accused of using 'sticky stuff' before he came to the Mets.

https://www.cbssports.com/mlb/news/yankees-gerrit-cole-astros-justin-verlander-nats-max-scherzer-accused-of-doctoring-baseballs-in-lawsuit/

NYC's Allegedly Corrupt Mayor Adams Aids an Apparently Corrupt Cohen

It Appears These Two Collaborated to Make Cohen's Casino a Contender

CitiField is not an Ideal Site for a Casino from Either a Public or Private Transit Perspective

Steve Cohen has named his proposed casino Metropolitan Park. The casino will be housed on 50 acres of CitiField parking space. It's located along the #7 subway line, which is the third busiest subway line in NYC, so the casino is not ideal from a transit planning point of view. But billionaires don't ride subways, so Cohen is not likely to care. CitiField is also located just a mile away from LaGuardia Airport, which is an important transit destination with tight deadlines. Adding a casino to this area from the perspective of anyone using the airlines at LaGuardia is also not ideal, and like the subway, likely to only get more crowded aka worse.

Lastly, in December of 2024, ground was broken for a new soccer stadium just east of CitiField. See details further down in this report.

The Adams Administration Appears to be Breaking an Agreement with the USTA, in order to enable Billionaire Cohen's Proposed Casino in FMC Park

The USTA [United States Tennis Association] occupies space next to CitiField and hosts games that attract people from around the globe, in what is believed to be the highest grossing revenue event of the entire city by a wide margin.

The USTA has had to sue NYC because they believe Eric Adams' Administration has violated the lease agreement the USTA has with the city, by aiding Cohen in his effort to obtain a casino license. The violation is regarding the USTA's superiority clause for use of the CitiField Parking lot. The city owns the CitField parking lot and leases it to both the Mets and the USTA. But the USTA has a clause in their agreement which grants them priority over anyone or anything else during the U.S. Open. In the lawsuit the USTA claims that the agreement was also violated earlier this year.

Adams has done the billionaires' bidding since he set foot in the Mayor's Office in 2021, often with what seems a bullying disregard for the working class people who live and work here. Billionaire Cohen reportedly lives in Connecticut, which if true means he does not pay NYC nor NYS personal income taxes.

The Casino Would be Developed on the People's Parkland

In December 2024, ground was broken for the New York Football Club's 25,000 seat stadium adjacent to CitiField in Flushing Meadows Corona Park. The stadium, named 'Etihad' Park, takes its name from the United Arabic Emirates, which is Arabic for 'federation' or 'union'. The stadium is expected to be completed in 2027.

https://www.newyorkcityfc.com/news/new-york-city-fc-break-ground-on-etihad-park-in-willets-point

Many of the people who live adjacent to the CitiField location don't want the casino. Many believe that their representatives on the community boards, who are recent political appointees who replaced the local community activist reps, are surrogates for the billionaire developers. I have been informed that a petition with over 1,000 signatures in opposition to the casino was sent to the gaming commission prior to the close of public comment. And protests have been made as well.

Conclusion - SAC Capital Cohen is not Suited to be Granted a Casino License

And CitiField is one of the Worst Locations Transit-wise; and both the USTA & Many in the Community, Oppose Eric Adams' & the Connecticut-based Billionaire's Casino Plans

The folks I have heard from, feel that Cohen's casino proposal has been a rigged vote. The opposition was cut off at the local community board meeting, and one of the key community board member votes was flipped without rationale or explanation. And State Senator John Liu also did an about face on the development going from a nay to a yea, including the alientation of parkland. Many believe that union members who may obtain jobs from such a development were used to create the impression that there was more support for the development in the community than there really is.

This report is about how the Community Advisory Committee meeting regarding Cohenn's casino bid appeared to be rigged for a Cohen's win.

https://queenseagle.com/all/2025/9/16/metropolitan-park-hearing-ends-abruptly-after-clash

This report is how one of the crucial Metropolitan Park casino proposal votes was flipped.

https://www.thecity.nyc/2025/09/30/citi-field-casino-queens-casino-steve-cohen/

So we ask the NYS Gaming Commission to reject the Metropolitan Park Casino application for all of the reasons above.

https://gaming.ny.gov