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Steve Cohen’s New York City Wishlist Shrinks After Juan Soto Acquisition

Steve Cohen and his New York Mets landed the biggest prize of the MLB offseason after acquiring Juan Soto from the team’s crosstown rival New York Yankees.

Steve Cohen casino New York Juan Soto
Billionaire Steve Cohen landed MLB superstar Juan Soto in a record deal that will bring the slugger across town to New York City’s Queens. Cohen has his eyes set on another prize in New York for 2025. (Image: New York Post)

Cohen’s gift to Mets fans this holiday season is a bit costlier than your family white elephant exchange. The bidding war that included the Yanks, Boston Red Sox, Toronto Blue Jays, and Los Angeles Dodgers resulted in Cohen ponying up $765 million to bring the 26-year-old slugger to Queens for the next 15 years.

Soto’s deal is the biggest contract in sports history. Cohen reportedly told Soto during their meeting at one of the billionaire’s homes in California that he believes it’s his “civic duty” to make the Mets a winner and become the more respected team in the Subway series.

While Soto was Cohen’s focus for the Mets, the founder of the Point72 Asset Management hedge fund hopes to make an even richer bet in Queens next year by investing in the construction of an integrated resort casino at his Citi Field MLB ballpark.

Cohen’s 2025 Wishlist

The New York Gaming Facility Location Board is expected to determine the three winning casino bids for the downstate region by the end of next year. Cohen is in the crowded bidding pool in a partnership with Hard Rock International.

Cohen’s bid is considered a strong candidate due to the businessman’s endless pockets — Forbes estimates his real-time net worth at $21.3 billion — and close ties to powerplays in Albany, namely Gov. Kathy Hochul.

MGM Resorts is the front-runner for one of the licenses to transition its Empire City video lottery racino at the Yonkers Raceway into a Las Vegas-like resort casino with traditional slot machines, live dealer table games, and sports betting. Genting has also been labeled a favorite for its Resorts World New York City racino in Queens near JFK International.

Recently, however, there have been concerns about the Malaysia-based conglomerate allowing underground bookies and felons with illegal gambling convictions access to its Resorts World Las Vegas casino and sportsbook. RWLV fired its then-President Scott Sibella in September 2023. In January 2024, the gaming executive pleaded guilty to violating the Bank Secrecy Act, a federal law designed to prevent money laundering.

In 2022, Resorts World Las Vegas was also accused of allowing a convicted felon to hold a significant stake in one of its onsite restaurants, violating Nevada Gaming Control Board (NGCB) regulations.

Genting’s Misfortune Cohen’s Good Luck? 

Resorts World’s regulatory shortcomings in Nevada have presumably lengthened Genting’s odds of securing one of the three downstate New York gaming licenses.

RWNYC and Cohen’s Citi Field are less than six air miles apart, though the drive can take over a half-hour because of traffic. Still, because of their relative proximity, a decision by the state Gaming Facility Location Board to not grant Genting one of the three concessions would unquestionably shorten Cohen’s odds.

Dubbed Metropolitan Park, Cohen and Hard Rock have proposed an $8 billion Hard Rock Hotel & Casino integrated resort development with 20 acres of green space, five acres of athletic fields, a playground, and major improvements to mass transit.  

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Wynn Las Vegas President Steve Weitman Leaving Company

Wynn Resorts (NASDAQ: WYNN) noted today Steve Weitman, the president of the operator’s Las Vegas Strip properties, is leaving the company effective June 10.

Wynn Resorts
Wynn and Encore on the Las Vegas Strip. President Steve Weitman is leaving the venues in June after two decades with the company. (Image: Luxury Lifestyle Magazine)

The executive didn’t give a reason for his departure beyond noting he’s evaluating other opportunities and now is “the right time to pursue my next chapter.”

After 20 years with this great company and leading the property to the best financial results in its history, Wynn Las Vegas and Encore are in an excellent operating position,” Weitman said in a letter to colleagues and staff at the Strip venues. “This has been an amazing journey and I could not be prouder to have worked alongside the best in the business. The friendships and relationships I’ve built with many of you over the last two decades will last a lifetime, for which I am most grateful.”

Wynn and Encore Las Vegas are the operator’s Sin City properties and two of its three US venues with the other being Encore Boston Harbor.

Weitman Had Long History with Wynn

When he leaves the gaming company on June 10, Weitman will have spent just over two decades with the firm.

He joined as senior vice president of Wynn Las Vegas — a role he held for 12 years and five months — in May 2004. In September 2016, he was promoted to chief operating officer (COO) of the Sin City venues. He occupied that role until January 2023 when he was elevated to president.

“All of us will miss Steve, but after such a long and successful run, we can all understand why he now wants some time to consider other life options. … Steve has been an integral part of Wynn Las Vegas for 20 years. He has demonstrated a singular level of dedication to Wynn and has contributed so much to our success. His career within the company has been inspiring to so many,” said Wynn CEO Craig Billings in a note to staff.

Prior to joining Wynn, Weitman spent more than eight years as director of operations and licensing for Walt Disney at that company’s Burbank, Calif. headquarters.

Interesting Timing for Weitman Departure

While neither Weitman nor Wynn gave a specific reason for the executive’s decision to leave the helm of Wynn Las Vegas, his departure comes as the operator is embroiled in litigation against Fontainebleau Las Vegas for pilfering Wynn staffers.

Wynn formally sued Fontainebleau in late February with the newest venue on the Strip firing back with a legal complain of its own less than a month later. Wynn believes that several former culinary and nightlife employees that jumped ship to Fontainebleau actively attempted to recruit former colleagues still employed at Wynn and some may have violated non-compete agreements with Wynn.

To be clear, there is no news at this point about Weitman moving to another casino or staying in the gaming industry following his June departure from Wynn Las Vegas.

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Steve Wynn Still Hasn’t Found a Buyer for Beverly Hills Mansion

Steve Wynn continues to struggle to find a buyer for his Beverly Hills mansion.

Steve Wynn Beverly Hills Los Angeles mansion
The interior of Steve Wynn’s Beverly Hills mansion overlooks the Los Angeles skyline. Wynn has been trying to sell the Los Angeles mansion for more than two years. (Image: Compass)

Wynn had no problems finding buyers for his 11.8% stake in his namesake casino empire when the billionaire departed Wynn Resorts amid shameful allegations that he handled himself improperly around female subordinates during his career. After selling his shares for about $2.1 billion in March 2018, Wynn exited the gaming industry and relocated to South Florida.

Wynn has since taken up the hobby of flipping premier beachfront real estate in Palm Beach County. The Las Vegas visionary has also sought to unload his properties in Nevada and California.

Wynn sold his mansion in Summerlin’s “Billionaire’s Row” west of Las Vegas in April 2022 for $17.5 million. It was a deep discount from the initial $25 million asking price at which Wynn listed the 15,000-square-foot estate in June 2020.

90210 a Buyer’s Market

Though Wynn called Southern Nevada home for decades as the billionaire oversaw his Wynn Las Vegas and Encore resorts on the Strip, the casino magnate purchased marquee properties around the country. The costliest residence he ever bought was his Beverly Hills estate located at 1210 Benedict Canyon Drive.

Wynn bought the mansion in August 2015 for almost $48 million. He then spent many millions more renovating the 27,150-square-foot mansion into a Los Angeles villa that oozes the class, luxury, and opulence that his Las Vegas casinos are known for.

But Wynn hasn’t been able to find a buyer for the home since he decided to sell it in early 2021. Wynn listed the Beverly Hills compound in April 2021 for $125 million.

The price was lowered to $115 million in October 2021 and down to $100 million in March 2022. Wynn’s listing agent announced in January that another $15 million had been slashed, with the asking price down to $85 million.

Wynn hoped to sell the home before Los Angeles’ hefty real estate tax on properties over $5 million went into effect. As of April 1, 2023, sellers of residencies above $5 million pay a 4% tax on the transaction to the city.

On home sales upwards of $10 million, the fee jumps to 5.5%. On an $85 million sale, the city’s cut would be about $4.67 million.

Cash Offer Likely

With interest rates high, Wynn will presumably need to find a cash buyer for his Los Angeles pad. His Nevada realtor says that’s how the billionaire sold his Summerlin mansion last year, as that buyer paid the $17.5 million in cash.

Along with the $85 million asking price, 1210 Benedict Canyon has some of the priciest real estate taxes in the nation. The home’s property taxes last year were about $654K on a property assessment of $54.8 million.

Built in 1994, the Wynn Beverly Hills estate sits on 2.7 acres and has 11 bedrooms, 13 full baths and three half baths, an attached guest house, and an outdoor pool.

The listing claims the property also has the “most exquisite taste showcasing rare and decadent materials with sensational views and stunning light quality throughout.”

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