**Soloviev Group to Offer NYC Residents Equity Stake in Proposed Midtown Casino Project**
The Soloviev Group, in partnership with Mohegan, has announced plans to give eligible New York City residents an opportunity to become equity stakeholders in a proposed casino within the ambitious $11.2 billion Freedom Plaza development, located near the United Nations Secretariat in Midtown Manhattan.
As part of the proposal, up to 12% of any initial public equity raised for the gaming facility would be allocated to local residents—contingent upon the Soloviev/Mohegan partnership securing one of the three coveted downstate casino licenses. The bidding process for these licenses is expected to begin next month.
In addition to resident investment opportunities, the developers also plan to allocate investment options to select pension funds associated with New York State and City employees. The capital raise would not begin before 2027 and would only proceed if the joint venture wins a gaming license.
“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,” said Michael Hershman, CEO of the Soloviev Group. “Our visionary Freedom Plaza project exemplifies these goals.”
The Freedom Plaza project aims to transform Midtown with a dynamic mixed-use development that includes the proposed casino, residential spaces, and other community-focused amenities.
