Soloviev Group, the real estate developer that owns a major office tower at 9 West 57th St. in Manhattan, is proposing a way for New York City residents to benefit from its potential casino project.
Soloviev and its partner, Mohegan, aim to invite city residents to contribute as much as 12% of any initial public equity they plan to raise for their proposed gaming facility along the East River, giving everyday people an opportunity to become stakeholders in the casino project, according to a statement Tuesday. The firms also intend to provide allocations to eligible New York pension funds.
With Mohegan, Soloviev is pursuing a casino project at a site near the United Nations headquarters, with a park, hotels and towers. Plans also include more than 500 affordable homes as well as several restaurants, according to its website. If Soloviev and Mohegan obtain a license, the companies said, the capital raise would begin no earlier than 2027.
The pair’s new offer is one of the more unique ways that real estate and gaming companies are seeking to refine their pitches to secure one of the few New York casino licenses, with bids expected to be due next month. A few competitors including Las Vegas Sands Corp. and Saks Global have dropped their bids to pursue licenses.
Steve Cohen, who is pitching an $8 billion casino and entertainment complex near Citi Field in Queens, recently gained a key vote in Albany that could be critical to its effort.
