The battle to get one of three downstate New York casino licenses is reaching its final stages, with interested parties starting to submit their official bids ahead of the June 27 deadline. While projects involving big names like Steve Cohen and Jay-Z have dominated much of the headlines, one original pitch has flown slightly under the radar.
Soloviev Group is leading the charge on a casino in Midtown Manhattan named Freedom Plaza. It is partnering with Mohegan Gaming & Entertainment and plans to create a public waterfront park, roughly equivalent to the size of Bryant Park.
every day New Yorkers can access up to 12% of the project’s equity
Talking to News 12, the company’s CEO, Michael Hershman, explained that he wants to give the local community a slice of the pie. If the project secures a license, every day New Yorkers can access up to 12% of the project’s equity. Talking about this unusual approach, Hershman said: “It’s for New Yorkers, so we thought why not give New Yorkers an actual piece of the action?”
Competition remains fierce for the three permits, with Saks Fifth Avenue and Las Vegas Sands withdrawing their interest in recent weeks. The expectation is that the Gaming Facility Location Board will decide on the successful applicants in December.
