Larry Silverstein now wants a casino license in NYC, reports agamble.com. The famous real estate mogul is known for his role in rebuilding the World Trade Center, but Silverstein needs to learn more about casinos. Nonetheless, he believes one of his properties is a perfect location for a new casino. Silverstein’s site is only four blocks from Times Square. His team argues that this site, bordering many neighborhoods but not at the center of any, will face less opposition from locals.
Who is Larry Silverstein?
Larry Silverstein is a name you may not be familiar with, but he is one of the wealthiest men in the world. His fortune comes from real estate investments. Silverstein Properties, Inc.’s firm has $10 billion in development projects. This includes the new World Trade Center building and various agreements with companies like Four Seasons. He’s not the first person to come to mind when discussing casinos. However, he’s one of the finest businessmen alive and if he’s interested, it means there’s a profit to be made.
An Ambitious Project With Fierce Competition
NYC is granting three licenses. Two existing establishments, Resorts World NYC and Empire City Casino, aim to expand, and one is highly sought after. While Silverstein partners with the owner of Pennsylvania’s top-grossing Parx Casino. Thereby emphasizing the significance of tax revenue for NYC’s transit system and community benefits.
Around ten other teams compete for the available licenses. This competition presents a unique opportunity for all involved. Notable contenders include Steven A. Cohen partnering with Hard Rock near the New York Mets’ stadium. Another is the Las Vegas Sands targeting Nassau County. SL Green Realty Corporation is planning a Times Square casino with Caesars Entertainment. Lastly, Wynn Resorts proposes a facility on Manhattan’s Far West Side with TRC.
While there’s no bidding deadline yet, Silverstein’s recent announcement is one of the last major proposals. Yet, political sentiment in Manhattan poses a challenge, as support for a casino is coming into question.
NYC’s Gambling is Evolving
Despite his disinterest in gambling, Silverstein is committed to serving the community. His proposal and other ambitious visions will shape NYC’s casino landscape. The realization of Silverstein’s unique dream and a new era of gaming in Manhattan remains to be determined. It seems like the US is moving forward again in the gambling industry, with online gambling legalized in some states, but in New York online casinos are still limited to social gaming sites. Meanwhile, in another part of the world, Macau faces pressures from China and seems to be losing steam with the countless scandals hitting its gambling scene.
