One of the nine casino proposals in New York City being prepared for review by the New York Gaming Facility Location Board is enhancing its proposal by incorporating an equity aspect that would enable New Yorkers to invest in — and benefit from — the financial gains of the property's future achievements. 

Freedom Plaza represents a $10 billion endeavor spearheaded by the Soloviev Group, a family-run real estate firm renowned for its Soloviev Building located at 9 W. 57th St. in Manhattan. Soloviev has teamed up with Mohegan, the commercial and tribal gaming division of the Mohegan Tribe in Connecticut. 

On Tuesday, the team declared that if Freedom Plaza secures one of the three gaming licenses in downstate New York, the project will be open for public investment by residents of the five boroughs.

"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. Our visionary Freedom Plaza project exemplifies these goals, and we would be thrilled to offer a financial interest to these stakeholders,” said Michael Hershman, Soloviev Group CEO.

Freedom Plaza is planned for Soloviev’s six-acre vacant land situated just south of the United Nations Headquarters, between 38th and 41st streets, east of First Ave. Soloviev, overseen by billionaire Stefan Soloviev, received the land from his father, Sheldon Solow, who passed away in 2020 with a wealth estimated above $4 billion. In 2000, Solow bought the old Waterside steam electric generating station from ConEd for $600 million. 

Casino Initial Public Offering 

In a growing trend for urban casino projects — although Bally’s Corp.’s proposal for equity stakes in its Chicago initiative sparked significant debate after the company initially aimed to limit participation to minorities — Soloviev and Mohegan state they are open to selling up to 12% of Freedom Plaza to “New York City residents.” 

The offering will additionally be accessible to pension funds for employees of New York State and City, and will be provided “on a preferential basis compared to other institutional investors” to guarantee “wide community involvement and advantage.” Should Freedom Plaza be selected from the competitive bidding pool, a statement from Soloviev and Mohegan indicated that “the capital raise would commence no sooner than 2027.” 

The New York Gaming Facility Location Board is expected to select the three casino winners by December. Every concession has an initial charge of $500 million. 

Details of Freedom Plaza 

Freedom Plaza offers much more than just a casino. Soloviev has presented the proposal as a revitalization of the East Side through community and cultural efforts. The aspiring developers have pledged to allocate 2% of the project's earnings to the community, or a minimum of $5 million each year, to aid civic and social service programs. 

The Freedom Plaza plan comprises 1,047 new apartments, featuring 513 labeled as "permanently affordable units." A public park of almost five acres is yet another promised benefit for the community. 

Regarding the resort, the proposal features 1,251 hotel rooms, a casino floor close to 300,000 square feet, a Banyan Group spa and wellness center, 56,000 square feet of meeting space, a rooftop infinity pool along with an indoor pool, a multi-level food hall showcasing local vendors, and an art gallery.