Billionaire Stefan Soloviev On Why He’s Betting $3 Billion On A Casino In Manhattan

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ne of America’s largest landowners is locked out of the 6.5-acre vacant lot he owns just south of the United Nations in New York City. The Stygian 42-story condo tower his father built casts a long shadow from across the street. After a few minutes of fiddling with the lock, Stefan Soloviev steps onto one of Manhattan’s last major swaths of undeveloped land.

Game On: The local community board isn't exactly thrilled by Soliviev's plans for a Ferris wheel and soccer field near the casino.Soloviev grew up a few blocks away from the proposed site of Freedom Plaza, and by the time he was a senior in high school in 1992 he was working for his father, who founded and ran the Solow Building Co. until.

When his father passed away, Soloviev—who has more than 22 children, though only 11 were named in his father’s will—inherited the Solow Building Co. and merged it with his company, creating the Soloviev Group. He sold a portfolio of his father’s apartment buildings last summer for $1.75 billion. In April 2020, he bought a few ventures on Shelter Island, including a trendy hotel, The Chequit. Like many Americans during the pandemic, he moved his primary residence to Delray Beach, Florida.

Las Vegas, New York: Caesars Palace has high-profile names, including Jay-Z, attached to its Times Square proposal.In January, Vornado, the New York real estate giant, said it is also considering a bid for a casino to replace the famed Hotel Pennsylvania, just across from Madison Square Garden, which is set to be demolished later this year. “We are studying the possibility of applying for a casino license, but we have no deal in place,” a Vornado spokesperson says.

 

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