Cohen as Casino Boss Is Latest Pivot for Hedge Fund Mogul (1)

Hedge fund titan. Movie character. Art collector. Sports team owner. And possibly soon, casino boss.

Steve Cohen is one step closer to the new title after getting a preliminary nod from the New York State Gaming Commission, clearing the largest hurdle to his plan to operate a full-scale casino in New York City. It will usher in a new era for an investor regarded as one of the top hedge fund managers before his firm was caught up in an insider-trading scandal more than a decade ago.

The billionaire founder of Point72 Asset Management has since ...