WSJ What’s News PM Edition – Dec 1, 2025

Steve Cohen Wins Approval for One of Three New Casinos in New York City

Episode Overview

This episode dives into headline stories for December 1, 2025, with a primary focus on New York’s historic approval of three new casino projects—most notably billionaire Steve Cohen’s ambitious $8 billion plan for Queens. The show also explores the discreet luxury of Cashiers, a billionaire haven in North Carolina, Goldman Sachs’s foray into popular “boomer candy” ETFs, and other major business and geopolitical updates.

Key Discussion Points & Insights

1. New York City Approves Three Major Casinos

Segment starts: 00:42

• Background: After years of debate, the New York State Gaming Commission greenlights three new casino projects in NYC, including one from Mets owner Steve Cohen with Hard Rock Entertainment in Queens.
• Project Details:
  • Cohen/Hard Rock: $8 billion project adjacent to Citi Field, featuring a hotel, amphitheater, 25-acre green space, and proximity to a future soccer stadium.
  • Bally’s: $4 billion casino next to its Bronx golf course.
  • Genting Group: $5.5 billion plan to expand its current slots operation in Queens into a full casino.
  • Financials: Each licensee will pay a minimum $500 million licensing fee.
  • Expected Benefits: Backers claim the projects will create jobs and boost city tax revenue.

Memorable Quote:

"[Around] Citi Field... it's kind of the stadium and then it's just a huge parking lot. There's not a lot else out there... The biggest complaint [Steve Cohen] gets from his fans is they come to the game and there's nothing else to there. So this kind of solves that problem."
—Peter Rudiger, WSJ reporter (02:15–02:40)

2. Steve Cohen’s Personal Comeback Story

Segment starts: 02:40

• Cohen’s Past Issues:
  • His former hedge fund pled guilty to insider trading in 2013. He was barred from managing outside money for five years.
• Return to Prominence:
  • Launched Point72 Asset Management in 2018, which now manages $42 billion and employs 300 people.
  • Became a public Mets owner in 2020, raised his public profile, interacts frequently with fans online, and is building a high-priced MLB roster.

Notable Quote:

"Steve Cohen used to be a pretty publicity shy figure. Didn't like having his picture taken or speaking to the public. And now you can find him on X... spending more money than anyone else in baseball."
—Peter Rudiger (02:50–03:32)

3. Goldman Sachs Bets on ETFs for Baby Boomers

Segment starts: 03:32

• Deal Details:
  • Goldman is acquiring Innovator Capital Management for about $2 billion.
  • Innovator oversees $28B in assets, specializes in “defined outcome”/“buffer” ETFs—popular with baby boomers seeking to hedge downside risk while keeping upside exposure.
  • Goldman aims to become a top-10 active ETF provider.

4. Airport Security & Real ID Changes

Segment starts: 04:05

• Update:
  • From February 1, 2026, travelers without Real ID-compliant IDs must pay a $45 fee before airport security.
  • 94% compliance rate since Real ID implementation in May.

5. Markets Snapshot

Segment starts: 04:28

• Highlights:
  • Dow closed down 0.9%.
  • Bitcoin saw a steep 6.4% decline—its sharpest since March.
  • Crypto-exposed stocks (Coinbase, Robinhood) also dropped.
  • Shopify fell nearly 6% due to a major outage on a big shopping day.

6. Trump Administration Loses in Appeals Court Over NJ Prosecutor

Segment starts: 05:59

• Story: Appeals court rules Alina Habba can’t serve as Acting US Attorney for New Jersey, foiling the administration’s appointment maneuvering.
• Legal Significance: Court said the method used to circumvent Senate approval was unlawful.

7. US-UK Drug Pricing Deal

Segment starts: 06:44

• Development: UK will raise new drug prices by 25%, avoid pharma export tariffs to the US.
• Context: First win for President Trump’s campaign to get US allies to pay more for meds.

8. Russia-Sudan Naval Base Agreement

Segment starts: 07:17

• Exclusive: Sudan’s military offers Russia its first Red Sea naval base in exchange for air defense systems and weapons amid ongoing civil conflict.
• Global Significance: Poses strategic challenge to US aims in Africa.

9. Cashiers, NC: Under-the-Radar Billionaires’ Enclave

Segment starts: 08:49

Who Are the Billionaires?

• Ken Langone (Home Depot co-founder)
• Martha Ingram (Ingram Industries) and her family
• McIlhenny family (makers of Tabasco)

Why Cashiers?

"It has an incredible climate. It’s beautiful and it’s very low key. It’s not even a town, it’s unincorporated and it's really a place where people can relax and unwind and just stay under the radar."
—EB Solomont, WSJ real estate reporter (08:54–09:11)

On-the-Ground Impressions

• “A few Porsches, a few pickup trucks.... People in jeans and flannel, not flashy, not blingy, very kind of normal.”
  —EB Solomont (09:38)

• Social life centers around exclusive golf communities, with club initiation fees of $100K+.

Locals’ Perspective

• Residents appreciate billionaires’ civic generosity (funding organizations, clubs) but face challenges:
  • Affordable housing shortages
  • Growing summer traffic congestion
  • Dependence on wealthy seasonal residents for local economy

"Cashiers only has 825 year round residents and so to have four billionaires and to have this influx of wealth over the summer is just incredibly stark."
—EB Solomont (10:21–11:17)

Notable Quotes & Memorable Moments

• “The biggest complaint [Steve Cohen] gets from his fans is they come to the game and there’s nothing else to there. So this kind of solves that problem.” —Peter Rudiger (02:24)
• "Baby boomers and people near retirement have gravitated to [buffer ETFs] as a way to stay invested in stocks with less risk." —Sabrina Siddiqui (03:51)
• "It’s people in jeans and flannel, not flashy, not blingy, very kind of normal.” —EB Solomont (09:42)

Timestamps for Important Segments

• 00:42 — NY Casino Approvals
• 02:15 — Why Cohen Wants a Casino at Citi Field (Peter Rudiger interview)
• 02:40 — Steve Cohen’s Comeback Story
• 03:32 — Goldman Sachs Buys ETF Provider
• 04:05 — Real ID Airport Update
• 05:59 — Appeals Court Ruling on NJ US Attorney
• 06:44 — US-UK Drug Pricing Deal
• 07:17 — Russia-Sudan Naval Base Deal
• 08:49 — Cashiers, NC: Billionaire Hideaway (EB Solomont interview)

Tone & Style

The reporting is concise, fact-driven, and analytical, with a blend of business news rigor and human-interest insights. Interviews are direct and conversational but informative.

This summary covers the episode's major stories and insights, providing context and commentary useful to listeners seeking to grasp the day’s biggest economic and social headlines—without needing to hear the full show.