Silverstein Properties won the approval of many New Yorkers for the part it played in rebuilding the World Trade Center. Will its good reputation be enough to secure the company a casino license on Manhattan’s West Side? The New York State Gaming Commission is currently holding an online public comment hearing for Silverstein’s downstate casino proposal and will grant up to three casino licenses in the state.
Two of the licenses are widely expected to go to ‘racinos’ that already exist in New York, as community resistance to them is likely to be lower. Silverstein is a strong contender for the third license since major players Wynn Resorts and Las Vegas Sands withdrew their proposals.
Partners in the proposal
Silverstein Properties is partnering with Greenwood Gaming, which owns Parx Casino, the largest casino in Pennsylvania. Another gaming company, Rush Street Gaming, also joined the Avenir project in May this year. It operates the Rivers’ brand. All three partners are privately owned companies.
Owners of land-based casinos like Parx often also own US online casinos. In Pennsylvania, New Jersey, and Michigan, bettors can download the betPARX app to play online casino games and place sports bets.
Scope and purpose of the virtual hearing
The three partners are proposing a casino resort on a vacant piece of land that Silverstein owns. The 93,000 sq. ft. property is on the corner of 41st Street and 11th Avenue. It’s a significant development that requires the partners to understand the economics and gain environmental approval. The hearing was to get feedback early in the environmental review process.
The speakers
The Avenir presentation was a long one, with speakers including Dara McQuillan, Chief Marketing Officer at Silverstein, and Nancy Ruddy of CetraRuddy Architecture.
McQuillan emphasized Silverstein’s community-first approach, which sets it apart from other real estate development firms. Over the past 40 years, the company has invested heavily in the neighborhood. The company’s niche in the real estate market is residential development, and the creation of 100 affordable housing units is part of the Avenir project. There will also be many restaurants and bars, a food hall, and a concert hall that will seat 1,000 guests.
Ruddy spoke about the architectural details of the multi-use building that would include a 200,000 sq ft casino and a luxury hotel with 1,000 rooms. She stressed that guests could walk from the site to many other attractions, including the Jarvis Center and the theater district.
She said that the site is located at the crossroads of neighborhoods and activity districts that aren’t currently connected. The development could knit them together and create a cultural hub that reinforces the character of New York as a walkable city.
Local artists and creatives approve
Despite some opposition from residents who don’t want a casino in the area, local artists are giving it the thumbs up. Silverstein will offer free studio space to local artists. Artists have already been painting the fence surrounding the site. One of the amenities of the Avenir would be a public community gallery. It would take up a block along 11th Avenue.
A number of artists voiced their approval of the project and Silverstein’s support of artists. Many filmmakers voiced their respect for the developer, gained while filming projects at the WTC.
The Silverstein family has a longstanding tradition of supporting the arts. Its Silver Art Projects is a nonprofit program that offers a year of free studio space to artists. These artists must go through a competitive selection process.
Final bids are due by the end of June
The process for picking who will win the casino licenses has been dragging on for a while, but the final bids are due by the end of June. An additional public session for discussion of the Avenir will be held on May 29, and public comment may be submitted until June 29.
Mike Spano, mayor of Yonkers, has publicly called on New York State to award two of the three licenses to racinos, which has intensified competition for the third license. The gaming commission requires proposals to be approved by the community advisory committee. It will base its eventual decision on the potential revenue the development will generate and how much the applicant will share with the state.