Vornado Could Eye Madison Square Garden Area for New York Casino
Vornado Realty Trust (NYSE:VNO) could live the a la mode(p) large public figure to go in the New House of York City cassino contention and may be evaluating a land site near President Madison Square Garden and William Penn Station for a gaming venue.
The New House of York Wiley Post reported before today that Vornado, which is already 1 of the largest commercial message real landed estate owners inward the city, could pass judgment the land site currently tenanted by the Hotel Pennsylvania as a potency discern for a casino-hotel. That hotel is slated to follow torn shoot down this twelvemonth as division of a massive redevelopment project of the William Penn Station area.
Vornado’s portfolio is concentrated in the nation’s paint market, New York City, along with premier assets inward both Windy City and San Francisco,” according to the real estate investment funds bank (REIT).
The normally restrained REIT told the Post that it is “studying the possible action of applying for a gambling casino licence [in the Penn Station area],” but cautioned thither is no more stiff accord in come out as of yet.
Vornado Partner Speculation
As is the example with some other contenders inward the New House of York City cassino fray, Vornado’s gaming partner is not yet known, but the Post reports that the REIT could team-up with billionaire financier Neil Gary Bluhm.
Bluhm is a partner in midwestern United States Gaming & Entertainment. He co-founded Illinois-based Rush Street Gaming, which operates a partner off of casinos inward the Chicago suburbs as intimately as inwards City of Brotherly Love and Pittsburgh. With an estimated nett worth of $7 billion, the 84-year old Democrat mega-donor also holds stakes in the NBA’s Windy City Bulls and Major League Baseball’s Chicago Patrick White Sox.
Vornado doesn’t demand to select a gaming partner correct now, but some of its rivals experience already done so. For example, SL William Green is workings with Caesars Entertainment on a Times Square gaming press spell Related Cos. is teaming upwardly with Wynn Resorts to convey a casino-hotel to another component part of Manhattan. It’s widely believed New House of York Mets owner Steve Cohen’s preferred partner for Queens cassino is Hard John Rock International, though that hasn’t been in public confirmed.
What Vornado does make to enactment apace on is filing a overture practical application with New York’s Gaming Facility Board. Those documents must be turned inward to regulators past Feb. 3.
Vornado Financial Moves
With New House of York existent demesne among the to the highest degree expensive inwards the humankind and authorities in the tell mandating at least a $500 meg spend on young gaming venues, it’s widely expected upcoming casinos inwards the downstate realm testament live multi-billion dollar sign projects.
It’s non solve if it’s related to to the New York casino effort, but Vornado is making moves to preserves capital. Last week, the REIT proclaimed it skip its quarterly dividend to 37.5 cents a share.
“The lessening is in credit of the stream res publica of the saving and majuscule markets and is reflective of Vornado’s reduced projected 2023 taxable income, primarily due to higher interestingness expense,” according to a financial statement issued by the company.