Mohegan, the gaming and hospitality firm of the Mohegan Tribe in Connecticut, is striving to construct a multibillion-dollar integrated casino resort on Manhattan’s East Side near the United Nations Headquarters in Midtown. To improve their chances of obtaining one of the three commercial casino licenses made available for the downstate region through the state’s 2013 commercial gaming law, the company has pledged to support local small businesses.
The Soloviev Group and Mohegan are planning an integrated casino resort on a 6.7-acre plot of undeveloped land just south of the United Nations Headquarters. Mohegan states the casino would be beneficial for the whole of Midtown Manhattan’s East Side. (Image: The New York Times )
In February, Mohegan declared they were joining Soloviev Group’s casino bid for Manhattan. The Soloviev Group is controlled by billionaire Stefan Soloviev, who inherited much of his wealth from his late father Sheldon Solow. Soliviev has also been a prosperous businessman himself.
Solow was a major real estate developer in New York City. He left his son a nearly seven-acre vacant plot of land just south of the UN building between 38th and 41st streets east of 1st Ave. This acreage is a rare piece of undeveloped prime real estate in Manhattan.
In 2000, Solow purchased the property for $600 million. The family has been considering what to do with the acreage for many years. Soloviev believes a warranted project has eventually been identified should he be able to acquire a casino concession.
Community Support
Mohegan Sun in Connecticut is the Mohegan Tribe’s flagship property, but through its Mohegan subsidiary, the tribe also operates commercial casinos. Outside of its home state, Mohegan owns and/or operates casinos at Virgin Hotels Las Vegas, Mohegan Pennsylvania in Wilkes-Barre, Resorts Casino Hotel in Atlantic City, ilani Casino Resort in Ridgefield, Wa., and two casinos in Ontario. Mohegan is also concluding an integrated resort in Incheon, South Korea.
Mohegan and Soloviev’s New York City bid is one of 10 expected proposals for the three downstate gaming licenses. To stand out from the rest, Mohegan and Soloviev have pledged to actively help support other businesses in the region of where the casino would operate.
Mohegan runs its Mohegan Momentum Partnership Program in the areas where the company does business. The casino operator’s rewards program allows its patrons to use their rewards points and benefits not only inside Mohegan properties but also at nearby businesses.
The goal is to encourage casino players to not only visit Mohegan’s resort restaurants, shops, and entertainment offerings but also businesses situated off of the resort grounds.
Mohegan CEO Ray Pineault explains the Mohegan Momentum Partnership Program demonstrates the company’s dedication to the community.
Given the various entities competing to obtain a Gaming Facility license in New York City, it is vital to consider factors beyond just local and state tax revenue gain, but also the effort that organizations are willing and able to make to enhance the nearby communities and businesses,” Pineault declared.
Pineault revealed that several close-by restaurants have already agreed to become Momentum partners, including Il Monello on E. 49th and Il Tinello on E. 46th. Both are Italian restaurants.
Bidding Requirements
New York state officials are requiring that bids come with a minimum investment of $500 million, though each of the 10 bids is expected to be much pricier.
Before the New York Gaming Facility Location Board will even contemplate reviewing an application, a $1 million fee must be paid by the developers behind the project to the New York Gaming Commission.
The receivers of the three licenses will be liable for a $500 million licensing fee — the costliest commercial gaming permits to ever be offered in US history.
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Mohegan, the gaming and hospitality firm of the Mohegan Tribe in Connecticut, is hoping to construct a multibillion-dollar integrated casino resort on Manhattan’s East Side near the United Nations Headquarters in Midtown. To increase their chances of acquiring one of the three commercial casino licenses made available for the downstate region through the state’s 2013 commercial gaming law, the company has promised to support local small businesses.
The Soloviev Group and Mohegan are planning an integrated casino resort on a 6.7-acre plot of undeveloped land just south of the United Nations
