Ka-ching!
The MTA has hit the $1.5 billion jackpot, thanks to the state collecting massive fees dedicated to mass transit from each from three bidders awarded casino licenses.
Each of the three winning bidders are required to pony up a $500 million upfront license fee for the privilege to operate a casino. Under state law, the money is redirected to the Metropolitan Transportation Authority to fund the operations of its subway and buses and commuter rail lines.
Mets owner Steve Cohen, in tandem with gaming partner Hard Rock, have delivered the $500 million fee to operate a “Metropolitan Park” casino complex near the team’s ballpark in Willets Point, Queens.
