Silverstein Properties and Greenwood Gaming propose casino project in New York

The firms have revealed plans to bid for a commercial casino for Manhattan’s far West Side.

US.- Real estate company Silverstein Properties and Greenwood Gaming and Entertainment have revealed plans to bid for a commercial casino in New York. The firms plan to develop the Avenir, located in Manhattan’s far West Side. The 1.8m square foot project would feature a hotel, casino, entertainment and residential complex.

Greenwood, the operator of Parx Casino in Pennsylvania, would work with Silverstein on the casino section of the development.

Larry A. Silverstein, chairman of Silverstein Properties, said: “Our City and State face a confluence of historic challenges right now. These include a housing crisis, public safety challenges, budget shortfalls, and a commercial real estate market in transition. We need to work with State and local leaders to do everything we can to make New York the best place to live, work, and visit. We’ve done it before, and I am confident we can do it again. I’ve always said you should never bet against New York; This City and State will come back bigger and better than ever before.”

Lisa Silverstein, vice chair of Silverstein Properties, added: “Our company has been part of the Hudson Yards / Hell’s Kitchen neighbourhood for nearly 40 years. We have already built 549 affordable homes on West 42nd Street and look forward to developing over a hundred more as part of this project.

“The Avenir is an opportunity to create much-needed affordable housing, jobs, and economic development, along with many neighbourhood improvements in an isolated and often-overlooked part of the city.”

Eric Hausler, chief executive officer of Greenwood Gaming and Entertainment, commented: “We are excited to join with Silverstein Properties to create a gaming, leisure, and entertainment destination that will reflect the unique character and spirit of New York City, and attract visitors from all over the globe.

“We are a company with deep roots in our communities. We look forward to working with the Hell’s Kitchen and Hudson Yards communities’ elected, civic, and labour leaders to create something that serves the neighbourhood and its residents.”

In November 2022, Saratoga Casino Holdings, the Chickasaw Nation and Legends joined Thor Equities‘ bid for a licence to develop a “comprehensive casino, hotel, and entertainment proposal” in Coney Island. Thor would develop the property, Saratoga and the Chickasaw Nation would run casino operations and Legends would be the development and entertainment partner.

The New York State Gaming Commission began the bidding process for the three commercial casino licences. The upcoming venues are expected to open in the New York City area and operators would have to pay the state a minimum of $500m for each licence.