The Avenir To Commit $400 Million For Community Partnerships With NYC Casino Bid

The Avenir, one of eight applicants vying for three downstate casino licenses to be awarded by the New York Gaming Facility Location Board, announced Monday a $400 million commitment to community partnerships.

The commitment is contingent on The Avenir — which is fronted by Silverstein Properties and would have its casino operated by Rush Street — being awarded one of the coveted licenses. Win, Covenant House, Rethink Food, and Hudson Guild would be among the community groups that would be receiving funds.

“Silverstein Properties has deep roots on the Far West Side,” said Dino Fusco, chief operating officer, Silverstein Properties. “Our top priority is the well-being of our neighbors and the broader community. We are planning to direct millions of dollars in new funding towards high-priority community needs and support these important local organizations and the people they serve.”

The Avenir, which has a projected cost of $7 billion, is one of three Manhattan-based proposals up for consideration along with Freedom Plaza and Caesars Palace Times Square. License fees are $500 million, and applicants must also commit to a minimum of $500 million in capital investments if awarded a license.

How the commitments would work

The $400 million commitment is broken into two parts. The first would target $160 million toward “supporting vital community programs” between when the license is awarded and the eighth anniversary of operations at The Avenir.

The Avenir would give a total of $400 million for the first 20 years of operations based on a percentage of the projected revenue in that span.

Win, founded in 1973, is the largest provider of shelter and supportive housing for homeless families with children in the U.S.

“We are proud to partner with The Avenir team,” said Christine C. Quinn, president and CEO of Win. “Our clients need jobs; stable employment in good-paying jobs is critical to their success. The Avenir provides pathways to a myriad of careers from construction and security to hospitality and IT and management. In these uncertain times, the West Side of Manhattan and Win needs investment in the critical services that our constituents require.”

Covenant House is the largest provider of housing, resources, and “transformative programs” to youths in New York City. The New York chapter of Covenant House serves more than 1,500 young adults aged 16-24 annually.

“For more than ten years, Covenant House New York has benefitted from a strong alliance with Silverstein Properties,” said Dr. Shakeema North-Albert, CEO of Covenant House New York. “Their support has assisted thousands of New York City youth on their journey from homelessness to hope. The Avenir introduces opportunities for an expanded partnership with Silverstein Properties and other partners whose investment in our community will support our workforce development goals and provide pathways to affordable housing.”

Rethink Food is a non-profit that has partnered with local restaurants to deliver more than 40,000 per meals per week in New York and Miami. Silverstein Properties would give Rethink Food a retail space at its residential complex at Silver Towers to offer a second community kitchen.

“We are excited to expand our program and work directly with the food purveyors at The Avenir to collect excess food and create delicious meals for residents in low-income communities,” said Matt Jozwiak, founder and CEO of Rethink Food. “With this partnership, we can provide an additional 750,000 to 1 million meals per year.” 

The Hudson Guild, which was founded in 1897, offers “diverse programming” to individuals and families who live or attend school in Chelsea and along the West Side. That work impacts more than 14,000 people per year.

Taking a shot at Caesars Times Square?

The Avenir’s $400 million commitment will also include bulk buying tickets from dozens of local entertainment venues, including Broadway and off-Broadway theaters as well as museums and other nearby attractions. It will also provide its customers with millions of dollars of gift certificates to use at local restaurants and retail shops.

The bulk purchasing of tickets to Broadway and off-Broadway shows gives the appearance of The Avenir taking aim at fellow applicant Caesars Palace Times Square.

That proposal, fronted by Caesars, SL Green, and Jay-Z’s Roc Nation, would build a casino at 1515 Broadway — approximately one mile east from The Avenir’s proposed venue at 41st Street and 11th Avenue.

The $5.4 billion Caesars Palace Times Square proposal has arguably the highest volume of groups in either support or opposition. The highest-profile opponents all belong to the No Times Square Casino Coalition, which includes the Broadway League, the stage workers union IATSE, and Broadway Cares/Equity Fights AIDS.