The New York Post reported that Vornado Realty Trust is interested in New York’s gaming market. It is the City’s second-leading landlord, and it plans to develop a casino near Madison Square Garden at the Hotel Pennsylvania site.
The shuttered property is currently being demolished, and it is part of Governor Kathy Hochul’s Penn Station region’s redevelopment plan. One of Vornado’s officials informed the New York Post that they are assessing the viability of applying for a Penn Station casino license. But the company hasn’t made the final decision on the casino’s site.
Vornado Realty’s Massive Project
Vornado stated that its project should meet New York’s General Project plan’s economic development goals, and produce the public and transit improvements that it outlines. Steve Roth from Vornado was previously associated with a Herald Square casino bid. But Vornado is considering Penn District since it partially forms the Penn Station development project.
Empire State Development passed the district’s project for 10 commercial towers that will finance the expansion and improvement of its transit hub. The plan features 1,172 apartments and 18 million square feet of commercial space. Vornado owns five development sites and the introduction of a gaming property will diversify the office-intensive project.
Neil Bluhm Collaborates With Vornado Realty Trust
Most parties interested in a New York casino license have partnered with investors and organizations. This prompted Vornado to start negotiations with Meil Gary Bluhm, Wall Street Capital’s managing partner, to team up on the Penn Station casino.
Bluhm is a billionaire and Rush Street Gaming’s co-founder. The company runs several Chicago, Philadelphia, and Pittsburgh casinos. Still, the tycoon has shares in Major League Baseball’s (MLB) Chicago White Sox and National Basketball Association’s (NBA) Chicago Bulls.
He is a Board of Trustees of Northwestern University member and the Whitney Museum of American Art’s board director. Vornado isn’t obliged to instantly disclose its partner but will have to do so soon.
Even so, casino bidders have up to February 3 to submit their first list of questions. Still, some of them haven’t revealed their gaming partners.
Winning the Three Casino Licenses Isn’t a Piece of Cake
SL Green is Vornado’s biggest rival in New York City’s real estate market. Caesars Entertainment has teamed up with it to apply for a Manhattan casino dubbed Caesars Palace Times Square in Times Square’s 1515 Building. Their proposal competes with that of Wynn Resorts and Related Companies which intends to develop a gaming site at Hudson Yards.
Steve Cohen, the New York Mets owner, wants to build a gaming venue near CitiField, the team’s home stadium as part of a big Willets Point development project. Reports show that Cohen hasn’t found a partner but was linked to Las Vegas Sands in the recent past. Yet, Vegas Sands proposed to establish a casino in Nassau County’s Veteran Memorial Stadium.
Steven Soloviev, another billionaire, is eyeing a casino south of the United Nations on a First Avenue six-acre plot. Bay Corporation recently disclosed that it will bid for a casino at Saks Fifth Avenue. Vornado also faces competition from Resorts World and Empire State Casino.
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