Saks Fifth Avenue Is First Major Bid to Drop Out of Race for New York City Casino License

^{The plan to turn the top floors of the historic Saks Fifth Avenue in Manhattan has been shelved. (Image: Toshi Sasaki / Alamy)}

Saks Fifth Avenue has pulled its bid to obtain one of three available downstate New York casino licenses, reducing the number of major potential bidders for the New York City area to 10. 

Crain’s New York first reported on the decision, which spells the end for one of the longshot bids to open a casino in New York. 

Months of Inactivity Led to End of Saks Casino Proposal

Hudson’s Bay Company, the parent company of Saks, had proposed turning the top three floors of its iconic Manhattan department store into a boutique casino experience that would be aimed at a high-end clientele. 

But there had been little movement on the project in recent months, a sign that Hudson’s Bay was potentially souring on the project. A Saks spokesperson confirmed that the proposal was dead on Thursday.

“At this time, the company is no longer pursuing a downstate New York gaming license and is focused on other strategic priorities,” the spokesperson said, according to The Real Deal. 

While the Saks proposal never had the momentum or buzz of some of its competitors, there were a couple reasons for optimism, at least initially. The project would have put a casino in an iconic location with minimal disruption to the surrounding community. It would also likely be up and running within a year of winning a license with very little construction required – the same advantage that has made Empire City Casino at Yonkers Raceway and Resorts World New York City two of the favorites to snag licenses. 

Backers tried to keep the project alive for some time. The proposal was initially made in 2023, and lobbyists were still pushing the idea to officials as late as July 2024. 

wLocation, Lack of Gaming Experience May Have Doomed Project

But a few major issues meant that the Saks casino woulwd always be a longshot, at best. First, Hudson’s Bay never found a gambling operator to partner with them on the casino. Given the company’s lack of experience in the gaming industry, this would have been a must to make the proposal viable. 

Local opposition was also a problem, as it has been for many casino bids. The local community board made it clear it would come out against any casinos in the area, and there were questions over how well a casino would fit in across the street from the famous and revered St. Patrick’s Cathedral.

There are now 10 known parties interested in building a casino in or near New York City, though they may not all ultimately apply for a license. w, with state gaming officials set to award the licenses in early 2026. 

Along with the two racinos, other favorites to snag a license include a Sands proposal at the site of the Nassau Coliseum on Long Island, Steve Cohen’s bid for a Metropolitan Park complex adjacent to Citi Field, and a Caesars proposal for a casino in Times Square.