Saying Steve Cohen bought the New York Mets was burying the lead. He also bought 50 acres next to a subway stop in NYC, which happened to be one of the last somewhat undeveloped lots next to mass transit in the entire city.
He then formed Queens Future LLC, a separate entirety from the Mets. That entity is now building a casino/hotels/restaurants on that land that are projected to quickly generate exponentially more revenue than the Mets ever could.
You want to know why Cohen is willing to lose money running the Mets? He’s running it like a tech firm. Every dollar is a loss leader to make the Mets and Citi Field an attractive destination to get fans into the businesses in the area that actually generate the revenue.
And none of that revenue has to be shared with MLB. He can also borrow against the value of the business anytime he wants tax free.
The Mets are just the attraction that helps Coehn maximize his profits on that casino.
We are sad to report the death of one of our co-founders, Robert W. Loscalzo. He was instrumental in stopping the shopping mall at Citifield and fought efforts to alienate public parkland at FMCP until the very end of his life. May he rest in peace.
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“We’ve been desperate for economic development here. And our greatest hope is a fucking casino?!” - @jessicaramosqns
She instructed her rep to vote “yes” today.
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Heavily lobbying the decision makers during every step of the process is simply part of his cost of doing business, and it's obviously paying off. - @PaulGraziano19, co-founder, Save Flushing Meadows-Corona Park
2/2 https://t.co/tEZqVeVL19
Despite the Mets having just ended yet another unsuccessful season, their billionaire owner is celebrating today because the only reason he bought the team was to gain access to the adjacent public parkland for his casino scheme. 1/2