Steve Roth’s Vornado Realty Trust is reportedly joining the New York casino race.
New York Post reports that the city’s second-largest commercial landlord is eyeing one of the three available New York casino licenses. He is considering a licensing bid at the site of the soon-to-be-demolished Hotel Pennsylvania near Madison Square Garden.
Vornado considering the possibility of applying for a NY casino license
Vornado spokesperson told the Post:
“We are studying the possibility of applying for a casino license [in the Penn Station area], but we have no deal in place. Our most important criterion for any project is that it meets the economic development objectives and produces the transit and public improvements set forth in the state’s General Project Plan.”
The shuttered hotel is part of the nine-block redevelopment around a “new” Penn Station, proposed by NY Gov. Kathy Hochul. Vornado will reconstruct five of eight office sites.
The project development will also include demolishing the hotel and some buildings as well as evicting tenants. The demolition should be completed by the end of the year.
A possible partnership with Neil Bluhm
Neil Gary Bluhm, a billionaire and the managing partner of Walton Street Capital, is allegedly in touch with Roth about the project.
Bluhm has previously invested in several casino and entertainment properties across the country, including Chicago, Philadelphia, Pittsburgh and Schenectady. Bluhm is also a minority owner of the Chicago Bulls and Chicago White Sox.
A first round of questions from interested casino bidders is due Feb. 3. However, a deadline has yet to be established for submitting applications.
Who else is in the New York casino race?
Roth will face stiff competition if he decides to go all-in on a New York casino bid.
SL Green joined forces with Caesars Entertainment to build Caesars Palace Times Square at the 1515 Building in Times Square.
Steve Ross’ Related Companies partnered with Wynn Resorts and intend to put up a casino at Hudson Yards.
Mets owner, Steve Cohen, may team up with Hard Rock for a casino at Willets Point, near the Mets’ stadium Citi Field in Queens.
Thor Equities inked a deal with Saratoga Casino, Chickasaw Nation and Legends for a Coney Island casino proposal.
Las Vegas Sands is also in the race to put up a casino at the site of Veterans Memorial Stadium in Nassau County.
Hudson’s Bay Company has recently announced plans to build a gaming venue at its Saks Fifth Avenue flagship store.
A billionaire Stefan Soloviev also desires a casino on a six-acre site on First Avenue near the United Nations.
Another bid may come from Larry Silverstein, who would put a casino at his so-called Mercedes-Benz site on Eleventh Ave, The Post’s source revealed.
Each bid will cost applicants $1 million. The state still must decide on the Big Apple winner.
