Vornado Realty Trust (NYSE:VNO) could follow the a la mode(p) magnanimous identify to enter the New House of York City gambling casino competition and may live evaluating a site near Madison Square Garden and Penn Station for a gaming venue.
The New York Post reported earliest today that Vornado, which is already ace of the largest commercial tangible estate owners inward the city, could judge the land site currently occupied by the Hotel PA as a possible fleck for a casino-hotel. That hotel is slated to be torn push down this twelvemonth as part of a monolithic redevelopment project of the William Penn Station area.
Vornado’s portfolio is concentrated inwards the nation’s key market, New House of York City, on with premiere assets inwards both Windy City and San Francisco,” according to the existent demesne investment funds cartel (REIT).
The commonly restrained REIT told the Post that it is “studying the possibleness of applying for a casino permission [in the Penn Station area],” but cautioned in that respect is no business firm correspondence inward shoes as of yet.
Vornado Partner Speculation
As is the display case with some other contenders inwards the New York City cassino fray, Vornado’s gaming partner is non in time known. But the Post reports that the REIT could team-up with billionaire financier Neil Gary Bluhm.
Bluhm is a partner inward middle west Gaming & Entertainment. He cofounded Illinois-based Rush Street Gaming, which operates a pair of casinos in the Windy City suburbs, as wellspring as inwards City of Brotherly Love and Pittsburgh. With an estimated network worth of $7 billion, the 84-year old Democrat mega-donor also holds stakes inward the NBA’s Chicago Bulls and Major League Baseball’s Chicago Caucasian Sox.
Vornado doesn’t need to select a gaming partner compensate now. But some of its rivals get already through so. For example, SL Green River is working with Caesars Entertainment on a Times Square gaming bid, spell Related Cos. is teaming upward with Wynn Resorts to get a casino-hotel to another division of Manhattan. It’s widely believed New House of York Mets proprietor Steve Cohen’s preferred partner for Queens cassino is Hard John Rock International, though that hasn’t been publicly confirmed.
What Vornado does feature to do quickly on is filing a prelude covering with New York’s Gaming Facility Board. Those documents must follow turned inward to regulators past Feb. 3.
Vornado Financial Moves
With New York tangible land among the to the highest degree expensive inwards the humans — and authorities in the commonwealth mandating at least a $500 one thousand thousand spend on unexampled gaming venues — it’s widely expected upcoming casinos inwards the downstate part testament follow multi-billion clam projects.
It’s non clear-cut if it’s related to to the New House of York gambling casino effort. But Vornado is making moves to conserve capital. Last week, the REIT proclaimed it weakened its quarterly dividend to 37.5 cents a share.
“The drop-off is inward recognition of the current tell of the thriftiness and capital markets and is reflective of Vornado’s rock-bottom projected 2023 taxable income, in the first place due to higher interestingness expense,” according to a financial statement issued past the company.
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