Silverstein Properties targets community support alongside Caesars Times Square bid
The Avenir, one of eight contenders for three downstate casino licenses from the New York Gaming Facility Location Board, recently announced a $400 million pledge for community partnerships.
This commitment depends on The Avenir—backed by Silverstein Properties and operated by Rush Street—receiving one of the sought-after licenses. Community organizations like Win, Covenant House, Rethink Food, and Hudson Guild are set to benefit from these funds.
Details of the Commitment
The $400 million initiative is divided into two sections, with $160 million designated to support essential community programs starting from the license award until the eighth year of Avenir’s operations.
The full $400 million will be allocated over the first 20 years of operation, based on a percentage of anticipated revenue in that timeframe. Win, established in 1973, is the largest provider of shelter and supportive housing for homeless families with children in the U.S.
Expanding Community Impact
Covenant House will leverage this opportunity for further collaboration, enhancing its programs aimed at assisting youth transitioning from homelessness, benefiting over 1,500 young adults each year in New York City.
Rethink Food, a nonprofit, will receive retail space at the Silver Towers complex, significantly increasing its capacity to provide meals to low-income communities. The Hudson Guild will also benefit from this initiative, impacting over 14,000 individuals annually.
Competitive Landscape
The Avenir’s commitment includes bulk ticket purchases from various entertainment venues, potentially positioning it in competition with Caesars Palace Times Square, which has significant support and opposition in the community. The Avenir’s proposed location is only about a mile from Caesars’ site, creating a direct comparison between the two bids.
