Saks Fifth Avenue Takes a Gamble on NYC Casino
Saks Fifth Avenue is looking to get into the casino business. Hudson's Bay Company will bid with the state to convert the top three floors of its flagship store in Midtown Manhattan into a Monte Carlo-style casino. The project will cover about 200,000 square feet and include a new lobby with a separate red carpet-lined entrance for the Casino. New York voters approved the legalization of Las Vegas- style casinos in the State in 2013.
Hudson Bay will be competing with Steve Cohen, the owner of the New York Mets and Related Companies, developer behind Hudson Yards. The list also includes a partnership between Thor Equities and other companies to erect a casino in Coney Island in Brooklyn and an SL Green partnership with Caesars Entertainment to convert a Times Square high-rise into a casinos. In-person sports betting became legal in New Yorkers in 2019 and online sports gambling in 2022.
Saks Fifth Avenue wants to turn their flagship store in midtown, beside St. Patrick's Cathedral, into a casino. One person tweeted a video clip of Staler and Waldorf from "The Muppet Show". One of the reactions to the idea was negative.