Saks Global Withdraws Midtown Manhattan Casino Bid
Longshot plan for one of three NYC-area licenses faced multiple obstacles
1 min
Saks Global announced it has withdrawn its bid for one of New York’s three downstate casino licenses, slightly thinning the field.
Saks originally proposed to have a high-end casino spanning the top three floors of its signature location at 611 Fifth Avenue in midtown Manhattan. But parent company Hudson Bay completed a $2.7 billion acquisition of Neiman Marcus last December, shifting its priorities elsewhere.
Additionally, Saks Global’s proposal offered little beyond the casino, and amenities such as housing, green space, and infrastructure have emerged as key selling points in competing bids to win support from communities. Saks was also hamstrung due to the logistical limitations of 611 Fifth Avenue in terms of space, and the landmark status of nearby St. Patrick’s Cathedral added another layer of re-zoning complications. The proposal also lacked a formal gaming partner for casino operations.
Saks’ withdrawal leaves four groups with Manhattan-based casino proposals among a potential 10 overall.
The Avenir’s has plans for a casino on the Upper West Side of Manhattan. Jay-Z’s Roc Nation has partnered with Caesars to bring a gambling venue to Times Square. The Soloviev Group and Mohegan have proposed a casino for the Upper East Side within walking distance of the United Nations Plaza. And the tandem of Wynn Resorts and Related have laid out plans for a gaming complex in Hudson Yards on the west side of New York City.
Updates on other bids
As Saks departs the hotly contested bidding process, other contenders are making moves to enhance their chances.
The “Metropolitan Park” bid led by New York Mets owner Steve Cohen and Hard Rock International centered in Queens received a huge boost this month when New York Sen. John Liu introduced a bill that would re-designate the parking lots around Citi Field from parkland to commercial use.
That came after the City Council voted in favor of zoning changes for the 50 acres of parking lots surrounding the ballpark in March.
The City Planning Commission of New York City last week approved an application submitted by the Hudson Yards group to modify zoning changes at the Western Rail Yards site. Officials stressed the zoning proposal was different than determining the feasibility of the casino, which continues to be opposed by notable community groups including Friends of the High Line.
