Freedom Plaza, a Community-First, No “Las Vegas Feel” Project

As debates rage over flashy casinos and sky-high profits, one proposal for a Manhattan gaming license is taking a quieter, more community-focused approach. 

The $11.1 billion Freedom Plaza project, pitched by the Soloviev Group in partnership with Mohegan, is deliberately steering clear of the flashy lights and glitz usually associated with gambling ventures.

Below-Ground Casino Floor

Unlike many other proposals, Freedom Plaza’s casino floor won’t be visible from the street, as it’s being planned below ground. 

Plus, the Ferris wheel idea didn’t last long either, as it was dropped after neighbors objected. That restraint, say Soloviev Group chief executive officer Michael Hershman, was intentional.

“When I interviewed Mohegan, I knew of their facilities,” Hershman said in an interview with Casino Reports. 

“I was impressed by the fact that they, too, were a family operation, not a public company. And they were not interested in bringing, for lack of a better word, a circus atmosphere to Manhattan.”

Freedom Plaza is one of eight bids competing for three downstate casino licenses, and Hershman laid out the plan to the Community Advisory Committee on July 18. 

At the end of June, MGM Resorts joined the race for one of the coveted NY licenses, unveiling a $2.3 billion proposal to expand Empire City Casino into a full resort with live dealers and table games. 

Other options include a Caesars-supported project in Times Square through a partnership with Jay-Z’s Roc Nation, along with bids from Hard Rock, Bally’s, and other big names. 

“We Are Very Sensitive to the Community Needs.”

The 900-page proposal currently includes not just a casino and hotel, but also a museum, green space, and two residential towers, more than 1,000 housing units total, with over 500 earmarked as affordable.

Originally, the application didn’t include any housing options. However, it how features “more affordable housing units than any other proposal and the borough’s only plan to incorporate public green space.”

“We are New Yorkers… We actually live in that district,” Hershman explained. “We have grandchildren that live across the street from that property. We are very sensitive to the community needs.”, he added. 

“It started to come together,” he said. “And we said, ‘You know what? Let’s take a shot at this.’”

Sense of Ownership 

As a unique twist, the project proposes allocating up to 12% of its initial public offering to NYC residents, an idea Hershman credits to a conversation with his son about the Green Bay Packers’ ownership model. 

“Let’s give them not only a sense of being, but an opportunity to make money off it as well,” he said.

While Hershman acknowledges the stiff competition, he believes Freedom Plaza offers the most comprehensive benefit package that competitors cannot match.