Bold Proposal for New York Casino Shakes Up NYC’s Casino Race
Larry Silverstein, a prominent figure known for his pivotal role in the post-9/11 redevelopment of Lower Manhattan and the World Trade Center, has made a last-minute bid for one of the coveted downstate New York casino licenses, set to be awarded later this year or in early 2024.
Larry Silverstein’s Avenir Casino Project has injected new energy into NYC’s casino race, promising a grand vision for the city. Image Source: Pascal Perich
Avenir: A Grand Vision for NYC’s Casino
Silverstein Properties, in collaboration with Greenwood Gaming & Entertainment (Parx Casino), has unveiled an ambitious proposal named Avenir. This new gambling and resort complex is slated for a 2.1-acre site on Manhattan’s West Side, precisely at 41st Street and 11th Avenue. Avenir would consist of two towering 46-story structures interconnected by a sky bridge.
Within these towers, the project envisions hosting 1,000 luxurious hotel rooms, complemented by an opulent casino spanning eight floors. In total, Avenir would boast a staggering 600,000 square feet of gaming space. A noteworthy aspect of this proposal is the assurance that it would neither displace residents nor necessitate additional public funding for infrastructure enhancements.
Furthermore, the press release highlights the potential for Avenir to create 5,500 permanent jobs and an additional 4,000 employment opportunities during the construction phase. Silverstein Properties, already known for its contributions to the rejuvenation of Hell’s Kitchen, has 549 affordable-housing units in the area. Avenir would further add 100 such units, aligning with New York City’s ongoing housing initiatives.
A Competitive Battle for Downstate Casino Licenses
The competition to secure a downstate casino license in New York is nothing short of fierce. Some of the industry’s heavyweights are vying for this coveted prize. Las Vegas Sands, Caesars Entertainment, Mohegan, Hard Rock, and Bally’s are among the illustrious names in the race.
Stephen Ross, another major real estate magnate, has entered the fray with a competing proposal in partnership with Wynn Resorts, situated in the vibrant Hudson Yards neighborhood.
Two existing racinos, Empire City, an MGM Resorts International property in Yonkers, and Resorts World NYC, a Genting Group establishment at Aqueduct Racetrack in Queens, seem poised to secure two of the available licenses, given their strong positions in the market.
This leaves only one license up for grabs, intensifying the competition to enter the NY casino market.
NYC’s Growing Impatience with the Casino Licensing Process
The New York State Gaming Commission is expected to announce the winners later this year, following recommendations from the three-member Gaming Facility Location Board. However, this process has tested the patience of many, as the anticipation continues to build.
Winning applicants must demonstrate substantial commitment, including paying a hefty $500 million license fee and showcasing a minimum of $500 million in capital development.
Various proposals for casinos have emerged across Manhattan, including SL Green and Caesars in Times Square, Vornado Realty Trust at Herald Square, and the Soloviev Group and Mohegan in Midtown East.
Additionally, Thor Equities has submitted a bid for a casino project on Coney Island, while NY Mets owner and billionaire Steve Cohen has teamed up with Hard Rock for a proposal near Citi Field. Las Vegas Sands has its sights set on a $5 billion casino entertainment complex designed for Long Island, and Bally’s is eyeing land in The Bronx.
We will continue to monitor this story at Newyorkgambling.org.