No dice: Vornado backs out of NYC casino race
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Vornado Realty Trust CEO Steven Roth revealed Tuesday that a New York City casino is likely not in the cards for the company.
“It’s highly likely that we will not pursue the casino license,” he said on an earnings call.
Real estate giant Vornado previously expressed an interest in entering the crowded bidding war for one of three casino licenses on offer from New York State. Two of them are expected to go to existing “racinos” in Queens and Yonkers, but about 10 different groups are still in the running for the remaining license.
Crain’s New York Business first reported Roth’s comments.
Earlier this year, it was reported that Vornado was contemplating throwing its hat in the ring with a plan to put a casino on the former site of The Hotel Pennsylvania. The Midtown hotel had been located directly across from Madison Square Garden but was recently demolished.
Vornado never campaigned as aggressively as some other contenders. As one of the city’s largest commercial landlords, the company is facing pressure in the face of a decreased demand for office space.
But all bets are off when it comes to those still at the table. Across the five boroughs, other developers have tried to sweeten the pot despite a general lack of public enthusiasm for casinos, particularly in Manhattan.
Bally’s, which wants to put a casino on the site of the former Trump golf course at Ferry Point, recently introduced a private bus service in the Bronx; Thor Equities, which is vying for a Coney Island spot, has children’s sports in Brooklyn; and the Soloviev Group, which is hoping to create an entertainment district by the United Nations, announced recently they would include a record number of affordable housing units if they hit the jackpot.
The state is expected to approve the trio of casino licenses next year at the earliest.
