(New York, NY) – With the deadline rapidly approaching, final bids are being submitted — with industry heavyweights competing for the chance to open a mega casino in New York City. One of the latest bids comes from Soloviev-Mohegan, which has proposed a casino on the East Side of Manhattan — in a vacant plot of land that’s currently known as Freedom Plaza.
77 WABC and host Rita Cosby were on hand Thursday, when the Soloviev Group unveiled plans for a Mohegan-branded megaproject — with a casino as the anchor tenant. The site is located south of the United Nations’ building, where an old power plant was torn down, leaving the site vacant. Biederman Redevelopment Ventures, which helped reimagine Bryant Park and Grand Central Terminal, is involved in the project. In all it’s an $11.1 billion dollar proposed project, reshaping 6.3 acres of Manhattan real estate, to include green space, housing, and gaming.
It comes at a time when various companies are competing for three downstate casino licenses, to be awarded by the Albany-based New York Gaming Facility Board. A 900-page bid was delivered to the board in representation of the Soloviev-Mohegan bid. The group is competing with proposed casinos in Times Square, Yonkers, the Bronx, Long Island, and one in Queens, among others. The Queens site would be in Flushing near CitiField, as fronted by Mets’ owner Steve Cohen.
In all, there are eight potential projects being considered by the board in Albany. The New York state Gaming Commission will ultimately choose the winning bids, based on recommendations from the gaming facility board.
Michael Hershman, Soloviev’s CEO, said “We’re not just building a casino; we’re reimagining New York.” The project boasts 1,049 apartments — including 513 designated as affordable housing — five acres of public parkland, a museum/community center, two hotels, a daycare, restaurants, retail, and an underground casino. According to Hershman, the housing aspect is especially important — given the city faces a housing shortage — particularly when it comes to affordable units.
Michael Hershman, Soloviev’s CEO:
Ray Pineault, CEO of Mohegan Gaming & Entertainment:
And to be sure, the numbers are impressive — 17,000 jobs during the construction period and ongoing operations — with an estimated $3.2 billion in annual economic impact. Across the city, it proposes to create an additional 40,000 jobs. Hershman went on to say “This isn’t just about a casino. It’s about revenue to close New York’s budget gap. Manhattan’s the place to do it.”
Mohegan CEO Ray Pineault suggests his company’s track record is apparent, pointing to the success of Mohegan Sun in Connecticut — despite naysayers predicting its demise when Massachusetts opened casinos. “We’re built for this,” Pineault said, dismissing concerns about market saturation. “We’ll thrive, license or not.”
The Freedom Plaza bid faces stiff competition. Two racetrack casinos in Queens and Yonkers are seen as strong contenders, while Manhattan’s other bids include the glitzy Times Square project from SL Green Realty and Caesars, and The Avenir, a 45-story tower in Hell’s Kitchen backed by Silverstein Properties and others. Steve Cohen’s Metropolitan Park near Citi Field and Bally Corp.’s Bronx golf course plan are expected to vie for licenses. That said, industry heavyweights such as Wynn Resorts and Las Vegas Sands recently bowed out.
Urban redevelopment guru Dan Biederman is a Freedom Plaza backer. He praised its landscape design and Mohegan’s polished casino interiors, arguing they outshine Las Vegas standards. Jamie Smarr of the NYC Housing Partnership echoed the positive sentiment, calling the project’s 513 affordable units a lifeline in a city strangled by housing costs. “No other bid comes close,” Smarr said.
The Soloviev-Mohegan team sweetened the pot with a plan to let New Yorkers buy shares in Freedom Plaza and a nonprofit board to fund housing, arts, and youth programs. Hershman, invoking four generations of his family’s New York roots, cast the project as a labor of love. “They called us long shots two years ago,” he said. “Now we’re here to keep this city the center of the universe.”
It’s not an exaggeration to say Manhattan’s future — and that of the greater New York City area — will be impacted by the gaming board’s decision. Billions of dollars are on the line — and there are a variety of pluses and minuses for the various bids.
