The race to secure a prestigious New York City casino license continues to rage, and the latest bid to end the race has come from Larry Silverstein, who has proposed a gambling and resort project by the name of Avenir.
The 92-year-old is fronting the project that will be situated on the West Side of Manhattan at 41st Street and 11th Avenue, which would take up a 2.1-acre site. It would include two massive 46-story towers, which would be connected by a sky bridge and a 1000-room hotel and a casino that would occupy eight floors.
Silverstein Properties will team up with Greenwood Gaming & Entertainment on a casino project that would include 600,000 square feet of casino gaming space, but it’s worth noting that they are by no means the only team chasing licenses.
Among others, there are Las Vegas Sands, Hard Rock, Bally’s, Caesars Entertainment, and Mohegan, all vying for approval.
Now it’s all on the NYGC (New York State Gaming Commission) to select the winners sometime in 2023, following recommendations made by the Gaming Facility Location Board.
Every applicant that wins the license must stump up a $500 million fee and needs another $500 million set aside for capital development; in other words, only very wealthy groups need apply.
The applications in the Manhattan area include Caesars in Times Square, a project that rap mogul Jay-Z is part of, Vornado Realty Trust at Herald Square, and the Mohegan in Midtown East.
NY Mets owner Steve Cohen has a proposal planned for Citi Field as part of the Hard Rock bid, Las Vegas Sands is punting for a location on Long Island, and Bally’s is situating its proposal in The Bronx while another bid from Thor Equities, is placed in Coney Island.