- Soloviev Group and Mohegan are proposing a community investment model for their $11.2B casino bid, offering New Yorkers up to a 12% stake in future public equity.
- The East River casino project includes underground gaming space, hotels, restaurants, and over 500 affordable housing units, emphasizing community integration and unobtrusive design.
- The firms plan to allocate $150M to $180M in early investment opportunities to NYC residents and eligible pension funds, pending a casino license approval, with fundraising to begin no earlier than 2027.
A Community Stake in the Game
According to Bloomberg, Soloviev Group, the owner of 9 West 57th Street, has teamed up with tribal gaming operator Mohegan to pursue a casino development on Manhattan’s East Side. Their casino project includes a rare offer: giving New Yorkers a direct financial stake in the project.
They plan to make up to 12% of any future public equity available to city residents and pension funds. This approach, they believe, could increase public support and strengthen their bid.
Project Scope and Timeline
The casino site sits vacant near the United Nations. Soloviev and Mohegan plan to transform it into a mixed-use development with an underground casino, hotels, restaurants, green space, and 513 affordable housing units.
They expect to start fundraising in 2027 at the earliest. The public and pension fund investment portion would range from $150M to $180M, according to CEO Michael Hershman.
The project would create 17,000 full- and part-time jobs. By placing the casino underground, the team hopes to minimize the project’s visual impact.
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Competitive Landscape
Soloviev and Mohegan are competing for one of three downstate casino licenses in New York. Their equity offer adds a community-focused angle that few rivals have proposed.
While some bidders, like Las Vegas Sands and Saks Global, have exited the race, others—such as Steve Cohen—are still pursuing large-scale projects. Cohen recently secured a key legislative win for his $8B Citi Field-area plan.
Why It Matters
By allowing public investment, Soloviev and Mohegan aim to align community and financial interests. This strategy not only boosts public support but also strengthens their pitch in a tight competition.
Their offer could influence how future urban developments engage with local communities. In a race where public perception matters, equity-sharing may prove to be a powerful differentiator.
What’s Next
With license bids due next month, Soloviev and Mohegan will continue building public support. Expect more developers to adopt community-first strategies as they try to stand out.
