The scramble of millionaires and billionaires hustling for the right to build a casino in New York City now includes Larry Silverstein, the real estate mogul who redeveloped much of the World Trade Center site after the September 11 terrorist attacks.
Mr. Silverstein, 92, has never owned or invested in a casino. But he controls a site on 11th Avenue and 41st Street, four blocks west of Times Square, which he says is perfect for a site because it borders several residential areas but There is no center. For that reason, his team argues, the location is less likely to cause resident riots than elsewhere.
For his casino expertise, he teamed up with Watche Manoukian, a London businessman who owns Parx Casino in Bensalem, Pa., that state’s highest-grossing location.
In an interview on Thursday, Mr. Silverstein suggested that his bid was largely altruistic: He said, New York State needs tax revenue to support the public transit system that New City’s economy York depends on. The casino can deliver it, and as a major landlord, he is invested in the future of the city.
“We see it as a real need for the community, the city and Albany,” said Mr. Silverstein, president of Silverstein Properties. “Is it profitable? I guess so because this is generally the case with casinos in general.”
It was a novel debate in a crowded, well-funded field rife with competitors with unique offers (one proposal involved roller coasters; another , rollercoaster). About 10 teams are expected to bid for one of up to three licenses for large-scale casinos in the region.
The sector includes SL Green Realty Corporation, which calls itself the city’s largest commercial landlord, and want to build a casino in Times Square with Caesars Entertainment; developer Hudson Yards Related Companies and Wynn Resorts, recommended a casino in Manhattan’s Far West; hedge fund manager Steven A. Cohen, who owns the New York Mets and has bid with Hard Rock to buy a casino next to the team’s Queens Stadium; and Las Vegas Sands, want to set up a casino in Nassau County.
Some participants in the bidding process expected that two of the three available licenses would go to Resorts World New York City at Aqueduct Racetrack in Queens and Empire City Casino in Yonkers. Two so-called racinos, or slot machines attached to the racecourse, are applying for a full-scale casino license.
“We think one is going to Yonkers,” said Marty Burger, chief executive officer of Silverstein Properties. “And one will go to the Aqueduct.” He believes the third thing is “willingness to take”.
State officials have not set a deadline for submitting bids, and the approval process is expected to drag into next year. But Mr. Silverstein’s announcement is probably one of the last major proposals to be announced before the bidding officially begins.
Mr. Cohen has not yet released his proposal, but some details have begun to leak. It involved turning a parking lot into a 25-acre park with a casino and connection to Flushing Bay, with design by SHoP Architects, the firm that designed the Barclays Center, according to one person who viewed the proposal. This.
On Wednesday, on the 38th floor of 7 World Trade Center, which Silverstein Properties owns and is headquartered in, company executives introduced to elected officials at locals about their project, a 1.8 million square foot development called Avenir, the French word for “future.”
Co-designed by Nancy Ruddy of architecture firm CetraRuddy, the building will consist of two 46-story towers connected by an overhead bridge and perched on an eight-story podium. The development will feature at least one hotel, around 100 limited-income housing units, a loft performance room and at its premises a casino.
Political sentiment in Manhattan remains an obstacle.
“I don’t feel there’s any motivation from actual voters or people living here,” said Liz Krueger, a Democrat who chairs the State Senate Finance Committee. a casino in Manhattan.
State Senator Brad Hoylman-Sigal and Councilmember Erik Bottcher, whose counties include the proposed site, attended Wednesday’s meeting. Both declined to comment on the proposal.
As suggested by the Related Companies, the Silverstein casino will be near the Javits Convention Center and have a steady stream of people attracting events there. But unlike Related’s proposal, which would likely spring up on an unbuilt platform on a railroad yard, Mr. Burger described the Silverstein site as “ready for shoveling.”
During a visit on Thursday afternoon, Mr. Silverstein’s lot was still the foundation of a former Mercedes-Benz dealership. The rocky ground beneath the foundation, criss-crossed by graffiti-covered Amtrak railway tunnels, has at least one resident: a young man who declined to be named and said he had lived beneath the site for about a year. half. The tunnels are littered with discarded clothes and a Citi Bike.
Casinos are a recently discovered interest for Mr. Silverstein. In 2017, he told luxury real estate publication Mansion Global that he doesn’t like gambling. “I don’t go to the racetrack,” he say. “I don’t go to casinos. I don’t do any of that, but I love buying real estate.”
On Thursday, Mr. Silverstein said he did not like gambling.
“My personal preferences depend on the needs of the community at large,” he said.
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