Forbes Daily: Fallen Unicorns

billionaire Bill Gates said at a forum this week as the Microsoft co-founder added that the U.S.

Stefan Soloviev wants to transform his property along the East River into what he has dubbed Freedom Plaza.Call it a homecoming for billionaire real estate developer Stefan Soloviev.

Soloviev’s concept is dubbed Freedom Plaza. The development—which includes a partnership with the Mohegan Tribe of Connecticut, owner of the Mohegan Sun casino—would feature a 1,000-room hotel, two residential towers, a Ferris wheel, a soccer field, a museum, and a casino with shopping, restaurants, and a concert venue. With it, he’d leave his own mark on the New York City skyline, just as his late father, real estate mogul Sheldon Solow, did.

But he’s far from the only party going after the jackpot. New York’s richest and most powerful developers have placed their cards on the table in recent months, revealing ambitious plans for Las Vegas-style casinos across the five boroughs. Aside from the tough competition, extra headwinds stem from stark neighborhood opposition; the local community largely doesn’t want a casino at all.

A Manhattan casino would also further grow gambling culture in the Empire State, which already broke several industry records in 2022 during its first year of legal online sports wagering.

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