Summary
- Saks is planning to build a James Bond-style casino atop its flagship store on Fifth Avenue
- The project aims to increase traffic and activity in the area
- Saks will face tough competition from other potential bidders including LVS
New York City (NYC) would have a James Bond-style casino if Saks Fifth Avenue gets the nod for a gaming license in the state.
The American luxury department store chain recently unveiled plans to expand its flagship store on Fifth Avenue to include a three-floor casino that would attract wealthy customers from all over the world.
Saks Casino to Boost Traffic and Activity on Fifth Avenue
Richard Baker, CEO and executive chairman of Hudson’s Bay Company (HBC) which owns Saks, revealed they’ve been quietly working with community groups on the feasibility of the project after the state approved up to three new commercial casino licenses in downstate New York.
Baker said Saks’ proposal has gained plenty of backing from various entities, including retailers, Broadway theaters, and the Hotel and Gaming Trades Council, an influential union representing hotel workers.
The casino would be built atop Saks, occupying three floors starting on the ninth. The proposed casino would have a red carpet entrance complemented by luxurious interiors, with the same features as the one showcased in the James Bond film “Casino Royale”.
Baker says a key idea behind their fancy establishment would be to focus on VIP gamblers instead of focusing on individuals who should never be in a casino in the first place. Saks Fifth Avenue is confident of significantly increasing traffic across Fifth Avenue, which is a key part of the shopping activity in NYC by adding a casino to its flagship store, especially at night.
Baker said he was confident that once the casino was added to the store, it would automatically result in a significant increase of tourists in the area.
Other Potential Bidders
Saks will compete for the highly-coveted license against other prominent companies, including SL Green and Caesars Entertainment which are likely to launch a joint bid for a casino at Times Square, with Jay-Z as their entertainment partner. Las Vegas Sands also recently announced plans to build an integrated resort on Long Island.
New York City billionaires, such as Mets owner Steve Cohen, Hudson Yards developer Stephen Ross, and Gristedes CEO John Catsimatidis have also been rumored to be among the potential applicants.
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