The New York City Casino Bid Would Give New Yorkers Resort Equity

One of the nine New York City casino proposals being prepared for consideration by the New York Gaming Facility Location Board is sweetening its offering with an equity component that would allow New Yorkers to share in — and receive — the financial benefits of the property’s future success.

Freedom Plaza is a $10 billion initiative sponsored by the Soloviev Group, a family-owned real estate company best known for the Solow Building on 8 W. 57th St. in Manhattan. Soloviev has teamed with Mohegan, the Mohegan Tribe’s commercial and tribal gambling division in Connecticut.

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On Tuesday, the organization stated that if Freedom Plaza wins one of three downstate New York casino licenses, the project will become publicly investable for five-borough citizens.

Soloviev, in collaboration with Mohegan, is dedicated to building successful long-term connections with citizens, community groups, and companies around New York. Our imaginative Freedom Plaza project reflects these aims, and we would be delighted to provide financial incentives to these partners,” stated Michael Hershman, CEO of Soloviev Group.

The planned Freedom Plaza is situated on Soloviev’s undeveloped six-acre land between 38th and 41st streets east of First Avenue, directly south of the UN Headquarters. The land was inherited by Soloviev, who is owned by billionaire Stefan Soloviev, from his father, Sheldon Solow, who passed away in 2020 and had an estimated net worth of $4 billion. In 2000, Solow paid $600 million to ConEd to acquire the decommissioned Waterside steam power generating complex.

Courtesy: https://igamingexpert.com/, https://www.igbnorthamerica.com/