Proposed NYC Casino Would Allow Local Residents to Own a Piece of It

^{The proposed waterfront Freedom Plaza complex (left), to be built in the Midtown East part of Manhattan, could bring a new casino next to the United Nations building (right). (Rendering courtesy of Soloviev Group)}

The Soloviev Group, which is developing the Freedom Plaza casino bid in Manhattan alongside gaming partner Mohegan, announced Tuesday that it would designate up to 12 percent of any initial public equity in the project for New York City residents, allowing locals to have a chance to invest in the resort.

Freedom Plaza is one of up to 10 major proposals that may submit bids for the three available downstate casino licenses in New York.

Freedom Plaza Complex Would Place Casino Near United Nations

According to a press release, Soloviev and Mohegan would begin raising capital for the public equity offering no earlier than 2027. 

“Soloviev, in partnership with Mohegan, is committed to fostering prosperous long-term relationships with residents, community organizations, and businesses both locally and throughout New York,” Soloviev Group CEO Michael Hershman said in a statement. “Our visionary Freedom Plaza project exemplifies these goals, and we would be thrilled to offer a financial interest to these stakeholders.”

The Freedom Plaza bid has not generated as many headlines as some of its competitors, but the inclusion of a major developer (Soloviev) and a gaming powerhouse (Mohegan) is more than enough to take the project seriously. The developers plan for a complex that would span between East 38^th and East 41^st streets on First Avenue in Midtown Manhattan, near the United Nations Headquarters. 

As proposed, the site would include not only a casino, but also two residential towers featuring more than 1,300 apartments, with about 500 designated as affordable housing. The complex would also feature two hotels, entertainment and meeting facilities, a spa, and other amenities.

However, the Freedom Plaza bid hasn’t received much local support. Notably, Manhattan Community Board 6 voted against an amendment that would have allowed a casino to be built in its neighborhood without going through the city’s Uniform Land Use Review Procedure by an overwhelming 39-1 margin in January 2024. 

New York Downstate Casino License Bids Due in June

Since then, while other projects have captured attention both for their promises and for dealing with their own local opposition and other issues, the Freedom Plaza project has remained largely under the radar, outside of renderings released in March that included extensive parkland and outdoor pathways. 

The deadline for submitting a bid for one of the three available downstate New York casino licenses to the New York State Gaming Facility Location Board (GFLB) is June 27, 2025. The GFLB is scheduled to make a determination on those applications by December 1, with the New York State Gaming Commission awarding licenses by Dec. 31. 

Soloviev and Mohegan face stiff competition in the race for those three licenses. Steve Cohen’s bid for a Metropolitan Park complex adjacent to Citi Field has been gaining momentum, and a casino at Nassau Coliseum on Long Island remains an intriguing prospect even after Las Vegas Sands has dropped out as a potential operator. That’s not to mention the two racinos in the running, both of which are considered favorites to snag a license thanks to their existing facilities.