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Real Estate Tycoon Larry Silverstein Joins NYC Casino Bidding


Posted on: June 23, 2023, 08:59h. 

Final up to date on: June 23, 2023, 12:18h.

Larry Silverstein, 92, whose Silverstein Properties assisted the Massive Apple in redeveloping Decrease Manhattan and the World Commerce Middle following the 9/11 assaults, desires his subsequent wager in NYC to be a on line casino.

Avenier New York casino Silverstein Parx
An artist’s rendering of the Avenir, an built-in resort and on line casino lodge deliberate for Manhattan’s West Aspect. The venture is being pitched by Silverstein Properties together with the father or mother proprietor of Parx On line casino close to Philadelphia. (Picture: Silverstein Properties)

In 2013, New York lawmakers and then-Gov. Andrew Cuomo (D) licensed as much as seven business brick-and-mortar casinos within the Empire State. The gaming act included 4 casinos allotted for upstate, and the opposite three for the downstate space.

The 2013 regulation supplied a 10-year moratorium on the state issuing the downstate licenses to permit the upstate properties to open with out downstate competitors. The availability was designed to permit the upstate casinos to determine their buyer bases and entice downstate residents north.

The moratorium is over and state officers are readying the applying course of for the three coveted downstate licenses. Already there’s a crowded bidding pool. Silverstein joins many well-known gaming builders and operators, together with MGM Resorts, Las Vegas Sands, Genting, Caesars Leisure, Wynn Resorts, Mohegan, Onerous Rock, and Bally’s.

Silverstein’s Pitch

In an announcement supplied to On line on Friday morning, officers with Silverstein Properties say the agency has a super, 2.1-acre website of undeveloped land positioned at forty first St. and eleventh Avenue on Manhattan’s West Aspect. The property is simply throughout eleventh Avenue from the Javits Middle, the town’s major conference and exhibition facility, and is absolutely owned by Silverstein Properties.

Silverstein is proposing a on line casino and lodge resort complicated referred to as the Avenir. The property would come with two 46-story towers linked by a sky bridge, with 1,000 luxurious lodge rooms. The on line casino would occupy eight tales with 600,000 sq. toes of gaming, which might make it one of many largest on line casino areas on this planet.

The highest flooring of one of many towers can be a 1,000-seat efficiency corridor. Silverstein stated the event would moreover embrace about 100 inexpensive housing models positioned in or across the venture website that options a mixture of unit sorts and sizes.

In contrast to lots of the different on line casino pitches for downstate, Silverstein officers say their bid wouldn’t displace any residents nor require public infrastructure investments. Silverstein can be a newcomer to gaming, which is why the corporate has introduced on the father or mother firm of Parx On line casino, Greenwood Gaming and Leisure, to function the on line casino ought to the venture be greenlit.

Parx is positioned simply north of Philadelphia and generated extra gross gaming income final yr than some other on line casino in Pennsylvania.

Silverstein appeared to recommend his enthusiasm for a on line casino license has extra to do with benefiting New York than himself or his firm.

Our metropolis and state face a confluence of historic challenges proper now. These embrace a housing disaster, public security challenges, funds shortfalls, and a business actual property market in transition. We have to work with state and native leaders to do every thing we are able to to make New York the most effective place to dwell, work, and go to,” Silverstein stated.

“We’ve performed it earlier than, and I’m assured we are able to do it once more. I’ve all the time stated it is best to by no means wager towards New York. This metropolis and state will come again greater and higher than ever earlier than,” Silverstein added.

West Manhattan Bids

Silverstein’s on line casino bid infringes on one other presentation being offered by fellow billionaire Stephen Ross. Whereas Silverstein didn’t recommend a price ticket for his attainable on line casino funding, Ross’ Associated Firms has acknowledged it could spend as a lot as $10 billion to carry an built-in on line casino resort to Hudson Yards, which is simply south of the Javits Middle.

Ross, who owns Hudson Yards, an actual property growth between the Chelsea and Hell’s Kitchen neighborhoods, has teamed with Wynn Resorts for the initiative.


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