NEW YORK | Casino Development| FT| FLOORS

[Busy Bee]

Any chance of getting the jist that's hiding behind the paywall?

[NYguy]

Originally Posted by Busy Bee

Any chance of getting the jist that's hiding behind the paywall?

Lol, I’ve been trying to. But apparently it’s for that site they’ve never been able to develop south of the UN.

[NYguy]

Ok, found a source. First this pic….

Rendering of the Freedom Plaza project
Source: The Soloviev Group

[JMKeynes]

I'm praying that this guy leaves NY and focuses on Miami. Other than 9 W 57th, everything he and his father did are pretty much crap.

https://commercialobserver.com/2022/...-ferris-wheel/

[NYguy]

From the original Bloomberg article….


ByPatrick Clark
November 21, 2022

Stefan Soloviev has been an apartment landlord, farmer and railroad operator, with an empire stretching from the unforgiving croplands of the American West to the gladiatorial arenas of global finance.

Now, he wants to add gaming mogul to his dizzying resume.

Soloviev, 47, intends to apply for a license to operate a casino just south of the United Nations in New York, on a massive site that’s been lying fallow since his father, the late Sheldon Solow, agreed to acquire it more than 20 years ago. The current plan includes a 1,000-room hotel, 4-acre (1.6-hectare) park, Ferris wheel and museum dedicated to the subject of democracy.

“It’s really exciting to take that site and look at what it can become,” he said in an interview.

For Soloviev, it’s the latest effort to remake a real estate business assembled by his ornery father, whose prowess as a builder was at times overshadowed by his litigious nature.

Solow’s death in late 2020 left Soloviev in charge of the family enterprise, as Covid was stretching real estate markets to extremes. He soon cashed in on the red-hot apartment market, agreeing to sell a portfolio of rental buildings for $1.75 billion. The remaining New York properties, coupled with agricultural land and other assets, combine to make a vast enterprise that leaves Soloviev valued at about $3.4 billion, according to the Bloomberg Billionaires Index.

While the apartment market was booming, offices weren’t, as remote working took hold and skyscrapers emptied out.

“My sense on NYC office leasing, both now and going forward, is that there is going to be less overall demand for space, and that space is going to consolidate in the newer and more recently renovated buildings that offer better amenities,” said Jeff Langbaum, an analyst at Bloomberg Intelligence.

At 9 West, Soloviev sought to upgrade the building’s amenities. On a recent tour, construction workers were toiling away on a tenant-only fitness center in the basement. The 27th floor had recently been gutted, with plans to install private dining rooms and meeting spaces, enabling tenants on lower floors to take advantage of the building’s sweeping Central Park vistas.

Soloviev said the building is now 89% leased and he expects it to remain competitive. In October, the Real Deal reported that he was finalizing a deal to sell the building. Soloviev pushed back, saying he wasn’t looking for offers and that the building wasn’t for sale.

Casino Pitch

The casino bid traces its roots to one of Solow’s outsized bets.

Solow and his partners agreed to acquire the property in 2000, paying about $600 million to buy the 9-acre site from Consolidated Edison Inc., including a plot that included a century-old steam electric plant. The developers remediated the land and crafted plans for a $4 billion project, including more than 4,000 apartments and a nearly 700-foot (213-meter) office tower.

The financial crisis put the brakes on the project. Solow developed one parcel and sold another, leaving an additional 6 acres for the potential casino project.

Soloviev Group Chief Executive Officer Michael Hershman said the company would partner with a gaming company and was in discussions with several Las Vegas-based firms. He envisions the development as an entertainment district that activates a sleepy part of Manhattan, extending out over the FDR Drive to the East River.

Securing one of the three potentially lucrative licenses for the downstate part of New York will be a challenge. Real estate and finance-industry giants — including SL Green Realty Corp., Stephen Ross’s Related Cos. and Point72 Asset Management’s Steve Cohen — are lining up for a chance at the prize when the state puts out a formal request for proposals.

“We expect it to be a very competitive process,” Vornado Realty Trust Chairman Steven Roth said on a recent earnings call. “We continue to be interested, very interested.”

[JMKeynes]

I suspect that Related's plan will be the best by far. They have an amazing site.

[NYguy]

I can’t imagine the people in the new tower they just built thrilled about this at all. But I think it’s too far removed from public transit (rail) for the type of crowds you would expect.

Still, at least it’s a first image from any of the coming proposals.

[NYguy]

https://localtoday.news/nj/real-esta...nse-91813.html

REAL ESTATE TITANS FIGHT FOR THE CITY’S GOLDEN TICKET: A CASINO LICENSE


Rory Murphy
November 21, 2022

….. It is understood that two of the three downstate licenses will likely go to the Racinos – slot machine racetracks – in Yonkers and to Aqueduct in Queens. If Empire City Casino in Yonkers could also offer table games and sportsbook, according to CBRE, revenue would quickly double 2019’s $600 million. Resorts World New York City Casino at Aqueduct generated about $850 million in gross gaming revenue last year, the most of any casino outside of Nevada, the American Gaming Association said. Not only are the Racinos successful, but they also have established Gambling Commission ties, said Gambling.com analyst Lou Monaco.

Titans in the city’s real estate industry have spent the past year forming alliances with gaming companies in a bid to secure the final license. Office landlords The Related Cos., SL Green Realty and Vornado Realty Trust have joined or are rumored to be working with Las Vegas operators to bid for casinos in Hudson Yards, Times Square and Herald Square, respectively.

Billionaire Mets owner Steve Cohen reportedly wants a casino near Citi Field and is said to favor Hard Rock for a partnership. The next phase of the Willets Point redevelopment project, which includes a new soccer stadium, hotel and affordable housing project adjacent to Citi Field, could complicate those plans. Thor Equities real estate developer Joe Sitt has set aside properties he owns in Coney Island, and developers of properties near the Staten Island Ferry Terminal and Belmont Park are also expected to toss their hats in the game ring .

If revenue maximization is the goal, it would be prudent to emulate the Racino at Aqueduct. While the 6,500 slot machines and a 28-by-16-foot television screen that ranks as the largest in Queens are certainly draws, the casino succeeds in part because it’s isolated from the rest of the city and customers have literally nowhere else to go.

“A casino in the outskirts would be the biggest attraction in this borough, and Mayor [Eric] Adams is looking for a legacy project,” said one proponent.

Addabbo, chairman of the Senate Committee on Race, Gambling and Betting, said the state’s siting comes down to building a casino where people are or where they want people to go.

“There are two theories,” he said, “at least.”

The Times Square Alliance, which represents the business interests of the Times Square neighborhood, does not publicly comment on whether a casino in the area is a good move, said its CEO Tom Harris.

A spokesman for the Durst Organization, which owns several buildings in Midtown, said its office tenants have expressed concerns about the compatibility of a casino with the operations of their businesses.

Alamy

SL Green and Caesar’s Palace plan to open a casino at 1515 Broadway in Times Square.

A few blocks east and south, the Water Club has suggested a possible location along the East River. The offer is “violently rejected” by Community Board 6, chairman Kyle Athayde said.

“The high rollers targeted by the Water Club will not benefit the retail or commercial establishments in the area,” the local council said in an April resolution to the state Gambling Commission.

These disagreements could play a big part as the law requires casino bidders to provide proof of community support and requires zoning approval.

[Busy Bee]

There's something revolting about a casino/theme park located in the foreground of the United Nations. It's like deficating all over the place.

[NYguy]

Originally Posted by Busy Bee

There's something revolting about a casino/theme park located in the foreground of the United Nations. It's like deficating all over the place.

But, but, but, there’s a Museum of Democracy. (Probably the last thing on gamblers minds)

[rgarri4]

Hopefully the hotel tower would block the view of the wheel from the UN. But still this is pretty gross.

[MAC123]

What exactly is gross or revolting again? It looks perfectly fine.

[Randomguy34]

Originally Posted by NYguy

Ok, found a source. First this pic….

Rendering of the Freedom Plaza project
Source: The Soloviev Group

What the fuck is this?

[Busy Bee]

Originally Posted by MAC123

What exactly is gross or revolting again? It looks perfectly fine.

Do you seriously not see the bizarre, distasteful and honestly shameful message of juxtapositioning a vulgar and often destructive human indulgence like gambling next to the citadel of global altruistic diplomacy and pursuit of peace?

[NYguy]

https://www.nytimes.com/2022/11/22/n...asino.amp.html

Coney Island Has a Bit of Everything. Does It Need a Casino?
A developer is seeking one of three new casino licenses for Coney Island, hoping to sell the project as a way to revitalize the Brooklyn neighborhood.


By Dana Rubinstein and Nicole Hong
Nov. 22, 2022

The Cyclone roller coaster. The boardwalk. The famous hot dogs. Not to mention the aquarium, baseball stadium and wide expanse of ocean beach. What more could Coney Island need?

In the opinion of Joseph J. Sitt, a longstanding Coney Island landlord, the answer is a beachfront casino.

On Tuesday, Mr. Sitt, the chief executive of Thor Equities, will announce a proposal, in partnership with Saratoga Casino Holdings and the Chickasaw Nation, to try to secure one of up to three new casino licenses aimed at the New York City region.

He joins a race that is expected to feature a crowded field of heavyweight contenders, including the hedge fund manager who owns the New York Mets, the billionaire developer of Hudson Yards and the owners of casino-like racetracks with slot machines in Queens and Yonkers.

Mr. Sitt acknowledges that a Coney Island casino might be something of a long shot, but he says that his proposal, unlike some others, would build on an existing buffet of entertainment options and help further restore one of New York City’s iconic attractions.

“People want to see the good guy win, the underdog win,” Mr. Sitt said in an interview from Abu Dhabi, where he attended the Formula One Grand Prix this weekend. “As opposed to all the bougie projects.”

Mr. Sitt’s proposal is evocative of the past, both distant and otherwise. He envisions a roller coaster that loops beneath the Coney Island boardwalk, an indoor water park whose glass walls afford views of a snow-covered beach, multiple hotels and museums.

In spirit, his plans harken back to the beach town’s early 20th-century heyday. More proximately, they recall a more recent era, when Mr. Sitt unsuccessfully tried to sell the Bloomberg administration on a similar proposal, albeit without the casino.

Mr. Sitt, who founded the plus-size women’s clothing brand Ashley Stewart, stressed that the casino would be more than a vehicle for gambling. The project, he said, would be in keeping with Coney Island’s rich and often off-kilter past, a place where for more than a century pleasure-seeking outlandishness has been the local currency.

“We don’t want to be known as Coney Island, the place to gamble,” Mr. Sitt said, repeatedly using the word “zany.” “We really want it to be known as the total entertainment story: eat, drink, rides, fun, water parks, roller coasters.”

The proposed casino location is the first bid from Brooklyn, New York City’s most populous borough. The formal application process has not yet begun, but casino operators and real estate developers have already been publicly announcing their intended bids, a sign of how hotly contested the competition will be.

By law, the application process must open by Jan. 6. And state regulators have said that any decisions on the casino locations will not be announced “until sometime later in 2023 at the earliest.”

Two other bids have been publicly announced so far, both in Manhattan. Related Companies and Wynn Resorts are proposing a casino on an undeveloped portion of Hudson Yards on the west side of Manhattan; SL Green Realty Corp. and Caesars Entertainment are pitching a casino inside a skyscraper located in the heart of Times Square. And Steven Cohen, the owner of the Mets, is in talks with Hard Rock on a bid in Queens.

Mr. Sitt argues that Coney Island — which has struggled to regain its footing since its heyday — was the most in need of the economic boost and had the strongest local support.

Bill Rhoda, the president of Legends Global Planning, the project’s entertainment and hospitality adviser, said the goal was to build out the area in such a way that it would lure people year-round. One possibility, he said, was to build a convention center in Coney Island that could attract business travelers and potentially rival the Jacob K. Javits Convention Center in Manhattan.

The neighborhood is already home to the annual Nathan’s Famous International Hot Dog Eating Contest and the Mermaid Parade, along with the Cyclone, the wooden roller coaster that opened in 1927. And, if Mr. Sitt has his way, perhaps a casino.

“The sun, the moon and the stars have aligned for this potential moment for Coney Island,” Mr. Sitt said.

[NYguy]

https://gothamist.com/news/new-york-...and-casino-bid

New York Yankees get in on Coney Island casino bid


By Jon Campbell
Nov 22, 2022

The New York Yankees are among those rolling the dice on a potential Coney Island casino.

A group of investors on Tuesday laid out their plan to bid for a casino in the famed Brooklyn neighborhood, becoming the latest in a string of big-money interests eyeing one of New York state’s three remaining casino licenses. All are on track to be awarded in the New York City area next year.

The investors include Saratoga Casino Holdings, which owns and operates a major racetrack casino north of Albany, and the Chickasaw Nation, a Native American tribe that operates a number of casinos across the country.

Also included are Thor Equities, which owns the Coney Island property where the facility would be located, and Legends — a company that was co-founded by affiliates of the Dallas Cowboys and New York Yankees, both of whom retain minority ownership stakes.

With Legends involved, both the Yankees and the New York Mets could go head to head in the hunt for a casino license. Mets owner Steve Cohen has been in talks with Hard Rock about bidding for a casino at Willets Point, near the Mets’ home of Citi Field.

“This incredible resort will be a world-class entertainment destination, with gaming, a variety of restaurants and entertainment for locals and tourists year-round,” Bill Rhoda, president of Legends Global Planning, said in a statement announcing the plan.

[NYguy]

https://www.globenewswire.com/news-r...ent-Venue.html

Saratoga Casino Holdings, The Chickasaw Nation & Legends Join Thor Equities’ Bid for Coney Island Casino, Hotel & Entertainment Venue
Approval would provide real economic boon – fueled by private, not taxpayer, investment –creating permanent local careers for residents. Legends' involvement helps largest hospitality union in our nation gain a foothold in Coney Island to bring good paying jobs.


November 22, 2022
Source: Thor Equities Group

Saratoga Casino Holdings, The Chickasaw Nation, and Legends are joining Thor Equities’ bid for a comprehensive casino, hotel, and entertainment proposal for Coney Island that will transform the area. New York State will issue three downstate casino licenses in the coming months, and this partnership allows officials to draw on the expertise and institutional knowledge of respected developers and operators while also fulfilling a generations-long promise to Coney Island by providing the region with a permanent, thriving local economic engine. If awarded a license, Coney Island’s economy will no longer be so singularly dependent on summertime amusement park visitors.

The combined mastery of Saratoga Casino Holdings and The Chickasaw Nation will provide Coney Island with expertise in gaming, coupled with a deep understanding of the importance of meeting local community needs. Together, they will operate gaming in Coney Island.

Global Gaming Solutions is a business entity of The Chickasaw Nation. Collectively, GGS, and The Chickasaw Nation operate more than 25,000 Electronic Games, 2,000+ hotel rooms, 30+ restaurants and dozens of retail outlets. The business portfolio includes the largest casino in the world, WinStar World Casino and Resort which hosts 9 million guests annually. The Chickasaw Nation also employs nearly 13,500 people.

“We currently enjoy an excellent strategic partnership with Legends at our flagship property WinStar World Casino and Resort. Our investment and involvement in this project reflects a desire to expand that relationship and extend it to additional strategic partners in Thor and Saratoga,” Global Gaming Board Chairman Bill Lance said. “We look forward to a successful collaboration based on our combined strengths and perhaps most importantly – our shared commitment to develop a top-tier entertainment venue that promises to respect the history of the neighborhood and breathe new life into this iconic New York City landmark. We look forward to taking our partnership with Legends – a known and trusted entity in New York – to even greater heights.”

Legends, the venture’s entertainment partner, brings three decades of experience delivering in the New York, national, and global markets – ranging from stadiums to concert venues to conventions. Originally founded as a joint venture with the New York Yankees and the Dallas Cowboys, Legends understands the importance of Coney Island’s success to our city and state. The organization brings with it not only its unsurpassed record but a commitment to union employment opportunities in Coney Island and for the greater Coney Island Community.

“Legends is proud to work with Thor Equities and our gaming partners Saratoga Casino and The Chickasaw Nation to provide our operational and experiential expertise to bring the preeminent resort casino in New York to Coney Island,” said Bill Rhoda, President, Legends Global Planning. “This incredible resort will be a world class entertainment destination, with gaming, a variety of restaurants and entertainment for locals and tourists year-round.”

“New York will always be our home and we are thrilled to have the opportunity to reclaim Coney Island’s legacy and bring new economic possibilities to an iconic neighborhood,” said Chairman of Thor Equities Group, Joe Sitt. “With our incredible partners, we are committed to creating lasting prosperity for a community and its residents and turn Coney Island into a vibrant year-round destination for all to enjoy. Together we have the track record across development, operations, gaming, entertainment, and job creation that is best suited to bring Coney Island security and vitality for the next century.”

Randy Peers, President & CEO, of the Brooklyn Chamber of Commerce, said, “This project will finally stimulate our local economy in a way that turns Coney Island into a year-round destination. Most importantly, it will create all-year full-time employment for our local residents who can grow their career and serve the community they grew up.”

A project of this magnitude in Coney Island can only be accomplished by employing local residents and contracting with local businesses. The partners are committed to MWBE hiring in addition to working with local institutions to create a job training program with a focus on hospitality and gaming that then hires directly from residents of Brooklyn and Queens.

Job creation and economic development have been awaited by Coney Island’s resident long before the pandemic. The need to finally fulfill promises made was only made more urgent by COVID. This investment of more than $3 billion, completely made up of private – not taxpayer – funds will create 2,500 construction jobs. It will also create thousands of permanent ones.

[NYguy]

https://www.amny.com/politics/local-...and-boardwalk/

Local electeds mixed on proposal to bring a casino to the Coney Island Boardwalk


By Ethan Stark-Miller
November 23, 2022

As the effort to bring a casino to the shores of Brooklyn’s Coney Island gained traction this week with three organizations joining Thor Equities’ bid to nab one of only three casino licenses Albany will issue for the downstate area, local electeds had mixed reactions to the proposal.

Thor Equities’ chief executive Joe Sitt, who’s a major property owner in the beachfront community, announced Tuesday that he’s partnering with Saratoga Casino Holdings, the Chickasaw Nation and Legends on a “comprehensive casino, hotel, and entertainment proposal” for the People’s Playground.

The area’s incoming Assembly Member Alec Brook-Krasny – a Republican – told amNewYork Metro in an interview Wednesday that while he isn’t opposed to the idea of building a casino along the Coney Island boardwalk, he feels that any proposal should include a list of benefits to the community that he’s identified.

“I’m a very realistic person, whether there is to be a casino or not is not going to be decided by the local assemblyman,” Brook-Krasny said. “Rather, this decision will come from the highest levels of the state. But what is important for the community, and me as a community representative, [is that] I will negotiate with all of these large entities for what the community needs.”

Brook-Krasny, who previously represented the area as a Democrat in the Assembly, will once again occupy his old seat come January, after he ousted Coney’s Island’s current representative in Albany’s lower chamber – Mathylde Frontus – in a nail-bitingly close race that concluded last week.

Brook-Krasny’s list of demands includes a new vocational school for Coney Island residents that would funnel students into union apprenticeship programs; a comprehensive cleanup of Coney Island Creek and the construction of a new pier and ferry stop on the peninsula; and repairs to the Coney Island Boardwalk.

He added that a casino would help transform Coney Island into a year-round, rather than just a summer, destination, creating much-needed jobs in the process.

“For years we’ve been talking about Coney Island as a year-round destination with a lot of jobs for the area residents, so I think [a] casino will help us in that direction,” he said. “So, in general, I would be for it if these huge entities will work with me and my community to develop what we need. And it’s in the mutual interest I believe but of course we’ll have to push for it.”

The New York Times reported that Sitt’s proposal includes a roller coaster that goes beneath the Coney Island boardwalk, an indoor waterpark and several hotels and museums. The developers claim the project would create 2,500 temporary construction jobs and “thousands” of permanent positions. They also said they’ll employ Coney Island residents, work with local businesses and launch a hospitality and gaming focussed job training program.

Area City Council Member Ari Kagan (D), who’s been a vocal critic of bringing a casino to Coney Island in the past, reiterated his past criticisms that people only have to look to Atlantic City, New Jersey, to understand casinos’ negative impact on heavily residential areas.

“The operator of the casino will become very very rich and successful,” Kagan said. “Everybody else will suffer, everybody else. Especially [the] area around the casino. Drugs, prostitution, crime, mental health issues, suicides, depression, family breakups, all kinds of robberies. It’s the last thing that Coney Island needs.”

[Busy Bee]

Makes a lot more sense than Willets Point. Nathan's Famous in the left hand, slots lever in the right...a marriage made in heaven.

[NYguy]

Originally Posted by Busy Bee

Makes a lot more sense than Willets Point. Nathan's Famous in the left hand, slots lever in the right...a marriage made in heaven.

Yeah, I’m definitely in the corner for a Coney casino. Make it happen New York.