Silverstein Properties Taps Rush Street Gaming for New York City Casino Project
Silverstein Properties has teamed up with Rush Street Gaming for its multi-billion-dollar integrated resort casino venture on the West Side of Manhattan.
Initially revealed in June 2023, Silverstein Properties, recognized globally as a top real estate developer for holding the World Trade Center lease during the Sept. 11, 2001 attacks, states that if it obtains one of the three downstate New York casino licenses, Rush Street Gaming will assist in operating the facility once it is finished. Greenwood Gaming and Entertainment, which runs 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.”
Referred to as the Avenir, the project is aiming for a vacant 2.1-acre plot directly opposite 11th Ave. from the Javits Center. The asset is completely owned by Silverstein.
Rush, based in Chicago, manages Rivers Casinos in Illinois, New York state, Pennsylvania, and Virginia. Besides Parx Casino in Bensalem, Greenwood oversees Parx Casino Shippensburg, located in Pennsylvania as well.
Offer Information
A statement from the Avenir given to Casino.org indicated that the resort specifics are being completed by the three collaborators. An announcement regarding the final plan will "be made soon."
Nearly two years ago, when Silverstein revealed its plans for a casino, the company stated it would build two hotel towers with 46 stories each, linked by a sky bridge and offering 1,000 guest rooms. The casino section was designed to span 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 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 desirable $500 million concessions each before 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.
The Avenir’s chances will improve due to Silverstein’s participation. Acknowledged for its community leadership in the reconstruction of the World Trade Center and the rejuvenation of Lower Manhattan, Silverstein Properties’ real estate holdings are valued at approximately $20 billion.
Silverstein is owned privately by Larry Silverstein, the 93-year-old who finalized 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 devastated in the 9/11 terrorist attacks.
Silverstein utilized around $1 billion in insurance funds he received from the WTC disaster to aid in constructing the $3.9 billion One World Trade Center, which was completed in November 2014.