New York City Casino Bid Would Offer Resort Equity to New Yorkers
Posted on: May 13, 2025, 09:57h.
Last updated on: May 14, 2025, 08:13h.
- Freedom Plaza is one of nine NYC casino bids
- Freedom Plaza would sell stake in the casino resort should it win a gaming license
- Freedom Plaza is a pitch from Soloviev Group and Mohegan
One of the nine New York City casino bids being prepped for the New York Gaming Facility Location Board to consider is sweetening its offering by including an equity component that would allow New Yorkers to invest in — and reap — the financial rewards of the property’s future successes.
Freedom Plaza is a $10 billion investment led by the Soloviev Group, a family-owned real estate developer best known for its Soloviev Building at 9 W. 57th St. in Manhattan. Soloviev is partnered with Mohegan, the commercial and tribal gaming subsidiary of the Mohegan Tribe in Connecticut.
On Tuesday, the group announced that should Freedom Plaza win one of the three downstate New York gaming licenses, the project would become publicly investable for residents of the five boroughs.
Soloviev, in partnership with Mohegan, is committed to fostering prosperous long-term relationships with residents, community organizations, and businesses both locally and throughout New York. Our visionary Freedom Plaza project exemplifies these goals, and we would be thrilled to offer a financial interest to these stakeholders,” said Michael Hershman, Soloviev Group CEO.
Freedom Plaza is proposed on Soloviev’s undeveloped six-acre property located just south of the United Nations Headquarters between 38th and 41st streets east of First Ave. Soloviev, controlled by billionaire Stefan Soloviev, inherited the land from his father, Sheldon Solow, who died in 2020 with a net worth estimated upward of $4 billion. Solow purchased the former Waterside steam electric generating station from ConEd in 2000 for $600 million.
Casino IPO
In what’s becoming a new trend in city casino undertakings — though Bally’s Corp.’s offering for equity positions in its Chicago development caused much controversy after the firm initially sought to only allow minorities to participate — Soloviev and Mohegan say they’re willing to sell up to 12% of Freedom Plaza to “residents of New York City.”
The offering will also be made available for New York State and City employee pension funds, and will be granted “on a preferential basis relative to other institutional investors” to ensure “broad community participation and benefit.” If Freedom Plaza is picked from the crowded bidding pool, a release from Soloviev and Mohegan said that “the capital raise would begin no earlier than 2027.”
The New York Gaming Facility Location Board is slated to determine the three casino winners by December. Each concession comes with a one-time $500 million fee.
Freedom Plaza Details
Freedom Plaza is much more than a casino. Soloviev has billed the proposal as a community, cultural, and revitalization of the East Side. The would-be developers have committed to returning 2% of the project’s profits to the community, or at least $5 million annually, to support civic and social service initiatives.
The Freedom Plaza blueprint includes 1,047 new apartments, with 513 designated “permanently affordable units.” A nearly five-acre public park is another pledged community benefit.
As for the resort, the pitch includes 1,251 hotel rooms, a nearly 300K-square-foot casino floor, a spa and wellness center from Banyan Group, 56K square feet of meeting space, a rooftop infinity pool and an indoor pool, a multistory food hall featuring local vendors, and an art gallery.
No comments yet