Saks Global Drops Out of Bid to Build a Casino Atop Saks Fifth Avenue
By Isabelle Durso April 10, 2025 2:05 pm
reprints
Saks Global, the parent company of Saks Fifth Avenue, has folded its bid to build a casino atop its flagship Midtown department store.
After providing few details on its casino proposal in recent months as the race to secure a downstate casino license heated up, Saks decided to abandon the project to “focus on other strategic strategies,” Crain’s New York Business reported, citing a spokesperson for Hudson's Bay Company (HBC), the former parent company of Saks.
Spokespeople for Saks and HBC did not immediately respond to requests for further comment.
Saks originally put forward its bid in January 2023, with plans to create a casino within about 200,000 square feet of unused space on the top three floors of Saks’ 611 Fifth Avenue, as Commercial Observer previously reported.
But Saks would have likely faced several challenges to its casino bid, as the local community board has publicly opposed all projects in the area and the 10-story Saks store is a city landmark with complicated renovation rules, Crain’s reported.
To be approved, casino applications must be submitted in areas already properly zoned for a casino, something other bidders are racing to accomplish, and be passed through a community advisory committee consisting of elected officials, according to legislation revised in April 2022.
Saks also never announced a partnership with a gambling company to operate its casino, unlike most other applicants, Crain’s reported.
News of the dropout comes after HBC announced in March that it had filed documents with the Ontario Superior Court of Justice for a full liquidation of its entire business. Saks Off 5th discount stores will remain open as the company undergoes a revised liquidation timeline.
Saks has become the first company to leave the tight race for one of three gaming licenses set to be awarded in New York City later this year. But even as Saks bows out, there’s still plenty of other companies vying to build a casino.
Other bids for a license include New York Mets owner Steve Cohen and Hard Rock International’s plan for a casino near Queens’ Citi Field, which recently got the backing from state Sen. John Liu, and which sweetened the pot by partnering with Slate Property Group to build affordable housing near the site. Additionally, Related Companies and Wynn Resorts’ goal for a casino at Hudson Yards got its rezoning approved by the Department of City Planning this week despite pushback from local elected officials and residents.
Isabelle Durso can be reached at idurso@commercialobserver.com.
