Episode summary
Steve Cohen, Bally’s Picked to Run Casinos in NYC | Bloomberg Intelligence
Bloomberg Intelligence
· · Hosts: Paul Sweeney, Alexandra Semenova · Guests: Randall Williams, Sam Fazeli, George Ferguson, John Butler
Summary
New York City approved three casino licenses, including Steve Cohen’s plan to build a casino next to Citi Field in Queens. The host and a guest argued the project could become a large resort-style complex with hotels, gaming, and sports entertainment, but the timeline is uncertain and likely to slip beyond early targets. The guest said the project could create substantial construction and technology jobs, though financing details and partners have not been disclosed.
The biotech segment focused on a calmer policy backdrop for pharma stocks after tariff fears eased, while regulatory pressure remains a concern, especially for vaccines. The guest said Eli Lilly’s Zepbound price cut is designed to broaden access and lock patients into treatment, and he argued the GLP-1 market is still in the low single digits of penetration, leaving a large runway for growth. He also said obesity-related uses such as cardiovascular risk, kidney function and sleep apnea look more convincing than Alzheimer’s.
On aerospace, Airbus was said to be under pressure after Reuters reported quality issues on its A320 family. The guest said the company’s 820-aircraft delivery target for 2025 looks too ambitious and that any shortfall would hit profitability.
The telecom outlook for 2026 centered on more aggressive price promotions, slower wireless-service growth and a bigger push into broadband and satellite connectivity as carriers fight for subscribers.
Key takeaways
- The host and a guest said Steve Cohen’s Queens casino could become a major mixed-use destination, but the completion date is “to be determined.”
- The guest said the New York casino plan could drive significant construction and technology job creation.
- The guest said Eli Lilly’s Zepbound price cut is meant to attract patients early and expand GLP-1 adoption beyond the current low-single-digit penetration.
- The guest said Airbus’s 820-delivery target for 2025 looks too high, making a miss likely to hurt margins.
- The telecom guest expects more wireless price promotions in 2026 as AT&T and Verizon try to regain subscriber growth.
- The telecom guest said broadband and satellite service are becoming the key growth areas as wireless revenue slows.
Notable quotes
“Three casinos are coming to the New York City market. Um, one of them includes Steve Cohen, the New York Mets owner”
“if he's able to fulfill his vision, it's going to probably be magnificent”
“So, I think the big thing to keep in mind here, Paul, is as we roll into 2026, I think we're going to see price promotion take a modest step up”
“we're in the low percentages still. So, you don't need a particularly massive number of um percentage of people who would benefit from these drugs”
“We don't think they're going to make it. I think they need 70 plus A320s in the last two months of the year”
How the episode opens
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Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube. Three casinos are coming to the New York City market.
Um, one of them includes Steve Cohen, the New York Mets owner. He was one approval to operate a casino next to City Field. Remember Steve Cohen again owns the Mets, uh, the stadium.
Um, and so that is big for Queens. Rand Williams joins us here as a US sports business reporter for Bloomberg News joining us from Indianapolis via that Zoom thing. Um, so this is a big deal for that part of Queens, Randall, because again, looks like Steve Cohen wants to build a big big multi-use kind of area there.
Hotels, gaming, the Mets. Oh, yeah. The US tennis centers there as well.
What do we know? It's going to be if if he's able to fulfill his vision, it's going to probably be magnificent. And the reason I say that is because this is a sports a sports owner's dream.
If you have a team there, you have hotels, you have a casino there. Then of course, this becomes similar to a resort life. You can go and catch a mess game in the summertime, then you can go and gamble, then you can go and go to the hotels at the pools and things like that.
So, if he's able to do everything that he wants to do, and he has more than enough money to do it, then I'm sure that there's going to be a lot of people that are going to enjoy this. Randall, can you please walk us through the timeline here?
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- nyc casino licenses
- biotech drug pricing
- aircraft quality issues
- u.s. telecom and satellite outlook 2026
- wireless and broadband competition
Companies and tickers mentioned
- BALY
- LLY
- EADSY
- VZ
- TMUS
- C
- Bally's
- Eli Lilly & Co.
- Airbus
- Verizon
- T-Mobile US
- Citigroup
Watch the episode
Watch “Steve Cohen, Bally’s Picked to Run Casinos in NYC | Bloomberg Intelligence” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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