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Deyan Dimitrov June 26, 2023 3 min read
Silverstein and Greenwood Enter the Race for a New York Casino License
Their new “Avenir” casino hotel will be located in Manhattan’s far West Side, promising significant economic benefits to the surrounding area
Leading real estate development and investment firm Silverstein Properties, and Greenwood Gaming and Entertainment, a prominent casino operator, have announced their intentions to bid for a commercial casino license in downstate New York. The collaboration between these two companies brings them in direct competition with other high-profile operators hoping to obtain one of the limited licenses.
The Developers Promise Enduring Prosperity
Manhattan’s far West Side presents a lucrative opportunity for casino operators, encompassing densely populated areas with developed tourism infrastructure. Silverstein Properties and Greenwood Gaming and Entertainment have recognized the region’s merits. They are eager to capitalize on its growing demand for entertainment and gaming options, proposing a new high-profile casino establishment.
Avenir will feature a complete and luxurious casino experience with a dedicated hotel, multiple amenities, and a residential complex. The two developers expect the project to significantly bolster the local economy, creating 5,500 new permanent jobs and uplifting the surrounding area’s standard of living through competitive wages and community-focused programs.
The Avenir is an opportunity to create much needed affordable housing, jobs, and economic development… in an isolated and often-overlooked part of the city.Larry Silverstein, Silverstein chairman
Urban planning and strategy consulting business Karp Strategies and engineering company AKRF will aid the project, assessing its impact on the surrounding area. Silverstein and Greenwood reaffirmed their commitment to local communities, noting the new casino would attract many international visitors while preserving New York City’s unique spirit and character.
Heated Competition Demands Excellence
Silverstein and Greenwood’s bid for a commercial casino license will put them face to face with significant competition from other established casino operators and development firms vying for the opportunity. Factors such as financial strength, industry experience, and the proposed casino’s design and amenities will play crucial roles in the evaluation process conducted by regulatory authorities.
The two companies must also convince residents of the merits of their project, or they may encounter significant resistance. Coney Islanders have banded together to protest the Boardwalk casino bid, fearing the negative impact on crime, traffic, and pollution. Many residents also fear that a self-contained casino establishment will scarcely benefit the surrounding businesses, solely burdening the area with the industry’s negative impact.
The Avenir project combines Silverstein and Greenwood’s significant expertise, positioning them as strong contenders for the coveted casino license. If successful, the project has the potential to enhance the region’s entertainment offerings, generating significant economic benefits and job opportunities. As the bidding process progresses, stakeholders and industry observers eagerly await the outcome and the potential transformation the chosen bids will bring.