Real Estate Tycoon Larry Silverstein Joins NYC Casino Bidding

At 92 years of age, Larry Silverstein, of Silverstein Properties, who aided in the reconstruction of Lower Manhattan and the World Trade Center after the tragedy of 9/11, has now set his sights on his next NYC venture–a casino.

In 2013, New York lawmakers and then-Gov. Andrew Cuomo (D) authorized seven commercial casinos in the Empire State – four upstate and three downstate. To allow the upstate properties to gain a customer base and bring downstate residents north, the law included a 10-year moratorium on issuing the downstate licenses. Now the moratorium is over and applications are being accepted for the three sought-after licenses, with a number of potential competitors. One such contestant is Silverstein Properties, who is pitching the Avenir – an integrated resort and casino hotel – to be built on Manhattan’s West Side (Image: Silverstein Properties).

Silverstein has teamed up with leading gaming developers and operators, such as MGM Resorts, Las Vegas Sands, Genting, Caesars Entertainment, Wynn Resorts, Mohegan, Hard Rock, and Bally’s, to launch Silverstein’s Pitch.

Silverstein’s Pitch

Silverstein Properties announced Friday morning that it has the ideal spot for a potential casino and hotel resort complex. The 2.1-acre site, located at 41st Street and 11th Avenue on Manhattan’s West Side, is situated across 11th Avenue from the Javits Center, the primary convention and exhibition facility of the city. Completely owned by Silverstein, the proposed resort would be called the Avenir and feature two 46-story towers connected by a sky bridge, providing 1,000 luxurious hotel rooms. The eight-story casino would boast 600,000 square feet, making it one of the largest casinos in the world. The peak floor of one of the towers would feature a 1,000-seat performance hall. Additionally, in or around the project site, around 100 affordable housing units in a variety of sizes and types would be included.

Silverstein, a newcomer to the gaming arena, has enlisted the help of Greenwood Gaming and Entertainment, the parent company responsible for Parx Casino, located north of Philadelphia, to run the potential gambling facility if approved. Despite this, Silverstein insists his bid does not involves the displacement of local people or any public financing for infrastructure investments. He then expressed his desire to help rebuild New York, which is currently dealing with severe housing problems, safety issues, fiscal crises, and an unsteady commercial property industry. Silverstein suggested that New York must use every resource available, including a casino license and other associated operations, to create a secure and attractive environment for its citizens.

West Manhattan Bids has demonstrated its capacity to rise to the challenge before, and we trust that we can do it once more. I have always been certain that the remarkable spirit of New York City and state will defy and prevail. As evidenced, West Manhattan Bids is anticipating an even greater resurgence.

West Manhattan Bids

Larry Silverstein’s proposal to build a casino clashes with the proposal from fellow billionaire, Stephen Ross. Silverstein failed to mention a price for his potential project, while Ross’ Related Companies revealed that they would be willing to spend up to $10 billion for their venture. Hudson Yards, located close to the Javits Center, is the site Ross has chosen and is owned by him. Ross has also partnered up with Wynn Resorts in the decision to build a casino there.