Saks Fifth Avenue has formally pulled out of the race for one among New York’s three downstate gaming licenses, marking a high-profile withdrawal from the more and more aggressive bidding course of. The division retailer confirmed to Crain’s New York Business that it had withdrawn its utility, stating it was now “focused on other strategic priorities.”
Saks abandons on line casino plan for Fifth Avenue flagship:
The upscale retailer first unveiled its proposal in January 2023, envisioning a 200,000-square-foot on line casino atop its flagship retailer at 611 Fifth Avenue. The deliberate venue would have occupied the ninth ground of the 12-story constructing, at the moment house to sections for discounted clothes, seasonal décor, and kids’s books. Just every week after asserting the concept, Saks launched glitzy renderings showcasing a red-carpet entrance, luxurious interiors, and a rooftop house providing views of Rockefeller Center.
Despite the promising idea, progress shortly stalled. According to The Real Deal, the mission confronted sturdy resistance from the local people board, which opposed the introduction of any on line casino to the district. The location’s proximity to the landmarked St. Patrick’s Cathedral additionally raised considerations.
A vital lacking piece in Saks’ proposal was a confirmed gaming operator. Unlike competing bids that partnered with main on line casino manufacturers, Saks by no means disclosed a collaboration with a licensed operator, a key component required for severe consideration.
Although lobbyists from Cozen O’Connor continued selling the concept as late as July 2024, indicators of disengagement had already begun to emerge. Hudson’s Bay Company, the guardian firm of Saks Fifth Avenue, reportedly stopped energetic participation within the licensing course of within the months main as much as the announcement.
The proposal, impressed partly by the aesthetics of James Bond’s Casino Royale, aimed to repurpose present higher flooring of the historic retail constructing as an alternative of developing a brand new facility. This method might need provided effectivity by way of time, with completion estimated at below a yr, however it might have resulted in considerably fewer building jobs in comparison with the extra formidable, ground-up initiatives being put ahead by different bidders.
Casino competitors strikes forward with out Saks:
With Saks’ withdrawal, ten main proposals stay in competition for the three licenses. Notable bids embrace Steve Cohen’s $8 billion “Metropolitan Park” close to Citi Field, the Freedom Plaza on line casino idea close to the United Nations by the Soloviev Group, and a Caesars Palace Times Square plan backed by Jay-Z’s Roc Nation.
Cohen’s proposal lately gained momentum after the New York City Council permitted zoning modifications in March. His workforce additionally launched plans for a 100% reasonably priced housing improvement close by in Corona to boost neighborhood attraction. Meanwhile, the Soloviev Group revealed up to date renderings of an almost 5-acre waterfront park surrounding its Freedom Plaza proposal, full with a central garden, play areas, and an amphitheater.
Industry insiders extensively anticipate two of the three accessible licenses to go to present venues—Empire City Casino in Yonkers and Resorts World New York in Queens—each of which have already generated important tax income for the state. This has left most remaining bidders competing for only one accessible slot.
Applications for the licenses are due by June 27. Each proposal should go a neighborhood overview by six-member neighborhood boards earlier than advancing to a five-person state panel, which is predicted to announce last selections by December 1, 2025.
