NYC Casino Bids Reduced With Caesars Times Square, Larry Silverstein’s Avenir

The Community Advisory Committees (CAC) for Caesars Palace Times Square and The Avenir were voted down this week, reducing the number of casino bids for downstate New York by two.

A three-fifths majority from its CAC is required before the New York Gaming Facility Location Board can assess a casino for one of the three available casino licenses.

The Caesars Palace Times Square CAC voted 4-2 against the project at 1515 Broadway this week. A 4-2 CAC vote also handed a blow to New York real estate magnate Larry Silverstein's plan, The Avenir.

Six proposals remain for the three licenses based on the votes. The votes of each CAC have not yet been cast.

 

Odds for Freedom Plaza

There is only one bid left in Manhattan after Wynn Resorts withdrew from the competition in May and Caesars Palace and The Avenir were eliminated. It originates from Mohegan, the Mohegan Tribe's commercial gambling organization in Connecticut, and the Soloviev Group.

The $11 billion proposal, known as Freedom Plaza, would develop a five-acre property that the Soloviev family has long owned. Together, Soloviev and Mohegan have presented an integrated resort that would be complemented by over 1,000 new residences, 600 of which would be affordable. The resort is situated immediately south of the UN Headquarters. A "museum dedicated to democracy," a community center, a daycare center, a food market, and retail shopping would all be part of the destination in addition to the resort and casino.

Michael Hershman, CEO of Soloviev, feels that Manhattan, the center of New York City, should host one of the downstate casinos

"Despite the defeat today of two formidable applicants, we remain confident that one license should be awarded in Manhattan. Attracting more tourists than any other borough, the city should have a fully integrated resort that is fitting of its position as the global capital of the world,” Hershman said in a release to Casino.org.

“Proposing historic levels of public benefits, the $11 billion project will activate a long-dormant lot with urgently-needed new housing, create a huge public park advancing community connection to the waterfront, bring in dynamic hotels with diverse dining and modern entertainment that will power thousands of union jobs and generate revenues funding hundreds of millions in legally-binding community benefits. A transformative, generational piece of urban planning not seen in NYC in decades, Freedom Plaza embodies our core belief that development must serve the people who live, work, and visit here,” Hershman added.

 

Genting Favored, MGM

Two of the three licenses have long been thought to be reserved.

The majority of analysts believe MGM Resorts and Genting are strong contenders for two of the licenses, despite state officials denying that they are the front-runners due to their longstanding presence in New York, running Resorts World New York City in Queens and Empire City Casino in Yonkers, respectively.

Hard Rock is still in the running to build a casino at the New York Mets ballpark in Queens. Bally's struggles to survive in the Bronx as a group led by Saratoga Casino Holdings and the Chickasaw Nation targets Coney Island.