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Home/Vornado is working on its bid for a casino in Manhattan
Vornado is working on its bid for a casino in Manhattan
Vornado Realty Trust is one of the largest commercial real estate owners in New York City with operations in Chicago, San Francisco and other cities.
Soon, this real estate investment trust may apply for a license in the southern part of the state.
Indeed, it has reportedly been working for some time on a casino project located near the Madison Square Garden sports arena and the Pennsylvania Station intercity railroad station.
Within the 15 Penn Plaza which will replace the mythical Hotel Pennsylvania
According to information from the New York Post newspaper, Vornado Realty Trust would like to open a casino in place of the old Hotel Pennsylvania. Located at 401 Seventh Avenue in Manhattan, the historic hotel opened in 1919. For a long time, it was the largest establishment of its kind in the world.
Then it closed for good on April 1, 2020. After a long and unsuccessful battle for its preservation, it is to be demolished this year and replaced by 15 Penn Plaza, a 68-story tower.
Moreover, the real estate investment trust has already officially acknowledged the possibility that it will apply for a casino license. Nevertheless, it has made it clear that no firm and final agreement has yet been reached on the matter.
>>> Read also: “Saks Fifth Avenue hints at a casino project on Fifth Avenue”
Possible partnership with Rush Street Gaming co-founder
For the moment, it is not yet known with which partner Vornado Realty Trust could join forces to open its hypothetical casino in Manhattan. However, it can be said that this real estate investment trust remains very close to Neil Gary Bluhm, who holds stakes in the Chicago Bulls of the National Basketball Association and the Chicago White Sox of Major League Baseball.
The 84 year old businessman with an estimated fortune of 7 billion dollars co-founded Rush Street Gaming. Based in the state of Illinois, this operator currently runs two casinos in the suburbs of Chicago as well as in Philadelphia and Pittsburgh.
Preliminary application to be filed by February 3, 2023
No one can say at this time, whether or not this has anything to do with its proposed casino in New York. Nevertheless, Vornado Realty Trust has recently taken steps to conserve its capital. For example, the real estate investment trust announced last week that it was cutting its quarterly dividend to 37.5 cents per share.
It should be remembered that real estate in New York City stands out as one of the most expensive in the world. In addition, the state authorities require an expenditure of at least 500 million dollars for future casinos. Moreover, leading experts estimate that the establishments in the region should be multi-billion dollar projects.
Whatever happens, if Vornado Realty Trust wants to try to open a casino in New York, it’s going to have to file a preliminary application with the Gaming Facility Board by February 3.
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