Silverstein Properties Taps Rush Street Gaming for New York City Casino Project
Silverstein Properties has teamed up with Rush Street Gaming for its multibillion-dollar casino resort project on Manhattan’s West Side.
Initially revealed in June 2023, Silverstein Properties, recognized globally as a leading real estate developer for holding the World Trade Center lease during the September 11, 2001 attacks, states that if it obtains one of the three casino licenses in downstate New York, Rush Street Gaming would assist in running the facility once it’s finished. Greenwood Gaming and Entertainment, which operates Parx Casino close to Philadelphia, is also engaged in the development.
"We are excited to announce our partnership with Rush Street Gaming, as well as Greenwood Gaming and Entertainment, to create a home-grown entertainment complex on Manhattan’s Far West Side,” said Lisa Silverstein, chief executive officer of Silverstein Properties. “Each of our organizations is family-owned, multigenerational, and deeply committed to the neighborhoods in which we work and live.”
Named the Avenir, the project is aimed at a vacant 2.1-acre plot directly opposite 11th Ave. from the Javits Center. The property is entirely owned by Silverstein.
Rush, located in Chicago, manages Rivers Casinos in Illinois, New York's upstate region, Pennsylvania, and Virginia. Besides Parx Casino in Bensalem, Greenwood oversees Parx Casino Shippensburg, which is also located in Pennsylvania.
Details of the Bid
A statement from the Avenir shared with Casino.org indicated that the resort specifics are being finalized by the three collaborators. An announcement regarding the final plan will "be made soon."
When Silverstein revealed its plans for a casino nearly two years ago, the firm stated it would build two 46-story hotel towers linked by a sky bridge with 1,000 guest rooms. The casino section was designed to cover eight floors with 600,000 square feet of gaming space, positioning it as one of the largest casinos globally.
The highest level of one of the towers featured a performance hall with 1,000 seats. Silverstein also committed to providing 100 affordable housing units situated close to the project location.
Silverstein's Past
The New York Gaming Facility Location Board is anticipated to determine which three casino proposals receive the sought-after $500 million concessions each by the end of the year. The competitive bidding landscape features offers from several prominent gaming companies, such as MGM Resorts, Caesars Entertainment, Wynn Resorts, Hard Rock International, Bally’s Corp., Mohegan, Genting, and Saratoga Casino Holdings.
Silverstein’s participation will enhance The Avenir’s prospects. Acknowledged for its community leadership in the reconstruction of the World Trade Center and the renewal of Lower Manhattan, Silverstein Properties’ real estate holdings are valued at almost $20 billion.
Silverstein is owned by Larry Silverstein, a 93-year-old who signed the WTC lease agreement with the Port Authority of New York and New Jersey on July 24, 2001, just weeks before the Twin Towers and much of the complex were obliterated in the 9/11 terrorist attacks.
Silverstein utilized around $1 billion in insurance funds obtained from the WTC disaster to contribute to the construction of the $3.9 billion One World Trade Center, which was inaugurated in November 2014.
