Soloviev Group CEO: Moving to New York

In an effort to shy away from the flashing lights and eventful displays one would imagine in the gaming capital of Las Vegas, the Freedom Plaza project in East Midtown, Manhattan will choose to feature a 280,000 sq ft underground gaming area. The project is headed by the Soloviev Group in collaboration with Mohegan and designed by the Bjarke Ingels Group (BIG). Soloviev Group CEO Michael Hershman has been focused on steering the project towards high-class consumers and mixing all aspects of entertainment within the gaming space.

Hershman believes his product would generate heavy tax revenue for the state, including fees amounting to $500m per license granted. While the Freedom Plaza would be focused on entertaining New York’s elite, tax revenue in the state would be a positive for all residents, he argues.

Having been named CEO in 2021, Hershman keeps an eye on the competing markets surrounding New York and within it. Key business figures such as Steve Cohen have bids to open sites in the state along with the Soloviev Group, with Cohen’s $8bn Metropolitan Park project planned to reside near Citi Field in Queens, home to Major League Baseball franchise the New York Mets. Cohen bought the Mets in 2021 and now has hopes of enhancing the area surrounding the stadium in partnership with Hard Rock International.

However, New York Senator Jessica Ramos issued a statement on May 28 saying she would support the development of a hotel, convention center and/or public space outside of Citi Field, but not a casino. “I will not introduce legislation to alienate parkland in Corona for the purposes of a casino. Whether people rallied for or against Metropolitan Park, I heard the same dreams for Corona,” Senator Ramos said. “We want investment and opportunity, we are desperate for green space and recreation for the whole family. We disagree on the premise that we have to accept a casino in our backyard as the trade-off. I resent the conditions and the generations of neglect that have made many of us so desperate that we would be willing to settle.”

Cohen has yet to comment on the statement, but it can be assumed he will attempt to find other outlets for his casino, especially due to the already agreed-upon partnership with Hard Rock International. To bring gaming and betting aspects to its own property, the Soloviev Group partnered with Mohegan and in association, Mohegan Digital, the iGaming resource Mohegan offers. In 2021, Mohegan partnered with FanDuel to bring a sportsbook to its Mohegan Sun property in Connecticut. Mohegan Digital has not yet been made available in New York, though FanDuel began accepting wagers from residents in 2022.

Sportsbooks in New York have become a near necessity with the amount of sports teams currently located around the city. Baseball, hockey, basketball, soccer and football teams are all situated in various areas of the state. The New York State Gaming Commission announced that it is likely to begin considering applications for three downstate casino licenses in late 2025, which came as a surprise to both the Soloviev Group and Mohegan. Original hopes were that deliberations on all applications would come in the second quarter of 2025.

Hershman was disappointed with the delays but believes things are headed in the right direction and progress continues to be made, albeit slowly. This is a point he also recently emphasized on the Huddle. While delays occur with projects of this magnitude, it does hinder how quickly New York can adapt to growing industries for casinos, sportsbooks and resorts in general. For the state of New York especially, any delays can leave New York falling behind the areas that surround it.

When asked about potential competition in neighboring states such as New Jersey, Connecticut and Pennsylvania, Hershman expressed belief that, because of New York’s popularity, residents of those states will travel into the city despite already having casinos and resorts close in proximity.

“We find that residents in states such as New Jersey, Connecticut or Pennsylvania will come into the city anyway because of what it has to offer. We’re going to offer a complete entertainment space that works directly with New York City’s pre-existing attractions,” Hershman said. While the entertainment in New York does entice tourists and locals each year, boots are already on the ground when it comes to casinos and resorts being run in those states. Online sports betting continues to rise in New York as well, and giving residents a retail location to place wagers could see potentially high returns for any resort willing to do so.

Atlantic City, NJ could specifically pose a challenge to any ongoing casino projects in New York as a historic site for gamblers and tourists in the tri-state area. However, Hershman says the clientele Atlantic City receives isn’t the type Freedom Plaza intends to attract necessarily. His ideal space will host high rollers and upper-class guests looking to take advantage of the various forms of entertainment.

Gambling and casinos are coming to New York due to the high level of interest residents of the state and visiting tourists contain for the industry, whether it be the Soloviev Group’s Freedom Plaza project or Steve Cohen’s Metropolitan Park. Las Vegas may be the gaming capital of the world in Hershman’s eyes, but New York City could hold the greatest chance for opportunity out of any location in the US.

Mixing hospitality, entertainment and casino play is the first step in creating high-end, attractive properties in the city that bring consumers of the stature Hershman is looking to entice. The Freedom Plaza is one of many ideas that could blossom into a space that flourishes and redefines what the gaming industry means in New York City. Will the region’s politicians, however, share the same level of enthusiasm?

Kirk Geller

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