Vornado Realty Trust is poised to sign up with the city’s Great Casino Sweepstakes by chancing on a gaming den near Madison Square Garden, The Post has actually found out.
The city’s second-largest industrial proprietor is weighing whether to bid on a treasured gambling establishment license at the website of the future destroyed hotel Pennsylvania, a source near to the scenario informed The Post.
The shuttered hotel– where stars from Harry Houdini to Fidel Castro when remained– sits directly in Gov. Kathy Hochul’s proposed, nine-block redevelopment around a “brand-new” Penn Station Vornado is designated to establish 5 of 8 workplace websites, where some structures will be destroyed and renters kicked out. The hotel’s demolition will be finished by the end of the year.
Vornado, which hardly ever reacts to media questions, broke its silence about a possible gambling establishment quote when gotten in touch with by The Post.
” We are studying the possibility of requesting a gambling establishment license [in the Penn Station location], however we have no handle location,” a Vornado representative stated. “Our essential requirement for any task is that it satisfy the financial advancement goals and produce the transit and public enhancements stated in the state’s General Project Plan.”
” We completely support the state’s GPP for the Penn district,” Vornado’s declaration restated.
Vornado’s declaration didn’t point out a partner, however a source verified that chairman Steven Roth is speaking with Midwest video gaming magnate Neil Gary Bluhm, the handling principal of Walton Street Capital, who has a net worth approximated by Forbes at $6 billion.
Bluhm, 84, owns or is a partner in numerous superior Chicago industrial residential or commercial properties and gambling establishments in Pittsburgh, Philadelphia, Chicago and Schenectady, NY, according to Forbes. He likewise owns stakes in the Chicago Bulls and Chicago White Sox, and rests on the board of the Whitney Museum of American art.
Vornado will need to act rapidly if it desires in on the action. A preliminary of concerns from potential bidders is due on Feb. 3. No date has actually yet been set for submission of applications. 3 gambling establishment licenses are anticipated to be provided at downstate places, a minimum of one in the 5 districts in addition to a growth alternatives.
If Vornado chooses to go all-in on a gambling establishment quote, it would pit Roth versus archrival SL Green, the city’s biggest industrial property owner, and Steve Ross’s Related Companies, to name a few.
SL Green has teamed with Caesars Entertainment in Times Square; Related Companies and Wynn Resorts are considering Hudson Yards; Soloviev Group desires a website on First Avenue near the UN; Hudson’s Bay Company wants to put a gambling establishment at Saks Fifth Avenue; Mets owner Steve Cohen might potentially team with Hard Rock for one at Willets Point, Queens; and Thor Equities is betting on Coney Island.
Another last-minute quote might originate from Larry Silverstein, who would put a gambling establishment at his so-called Mercedes-Benz website on Eleventh Ave, a source stated.
Each quote will cost candidates $1 million. The state has actually not stated when it will choose the Big Apple winner.
A gambling establishment near Penn Station may change the chemistry of a district which Hochul and Vornado have actually promoted as a promised land for brand-new, advanced workplaces. Roth tossed a damper on the state’s strategy last month when he informed financiers the time wasn’t best for brand-new, ground-up advancement
Roth’s off-the-cuff remarks were stated to have actually stunned the Empire State Development company, which supervises of the task.
As The Post reported, Hochul’s current state-of-the-state speech made no reference of the enthusiastic, questionable task, which may cost $306 billion to finish over 20 years.
More unexpected, it didn’t appear either in the guv’s 267- page “Achieving the New York Dream” program, launched in combination with her speech, which promoted 147 “strong efforts” for the state.
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