Flutter leases space at One Madison Avenue in New York
Flutter Entertainment (NYSE: FLUT) continues to expand its presence in the United States, recently signing a 12-year lease for 35,898 square feet on the 23rd floor of One Madison Avenue in New York City.
The space will be occupied by one of the Dublin-based gaming company’s sports betting brands, although which one has not yet been announced. Flutter owns 95% of FanDuel , the largest online sportsbook in the United States, but the group has leased space at 300 Park Avenue South. New York is FanDuel's corporate headquarters, so it's possible the operator could expand at One Madison Avenue, but Flutter has yet to comment.
The Flutter expansion of the building, also known as MetLife Tower, comes just over two months after the company went public on the New York Stock Exchange (NYSE). Flutter will seek investor approval at its annual shareholder meeting on May 1 to move its primary listing from London to New York, it was announced last week.
Fun Games Sweepstakes at One Madison Avenue
In an interesting gambling-related coincidence, One Madison Avenue is owned by real estate investment trust (REIT) SL Green Realty (NYSE: SLG ).
This is the company Caesars Entertainment (NASDAQ: CZR) is working with on the Times Square casino proposal. Rapper Jay-Z's entertainment agency Roc Nation is also involved in the promotion.
The trio of Caesars, Jay-Z and SL Green are among about a dozen companies vying for three substate casino licenses that New York regulators may issue later this year. Two of the licenses are rumored to be awarded to MGM Resorts International's Empire City Casino in Yonkers and Resorts World New York in Queens.
Although some sportsbooks in the U.S. use the FanDuel brand, Flutter is not involved in operating brick-and-mortar casinos.
The asking rent for the New York space Flutter is leasing is believed to be $170 per square foot.
Flutter supports Tony US Real Estate
News that Flutter is taking over the 23rd floor of the MetLife Tower comes about three months after FanDuel spent $71 million to build a new office in Beverly Hills, California. The gaming company purchased a three-story, 50,200-square-foot building at 9000 Wilshire Boulevard for $1,410 per square foot.
In addition to its offices in New York and Los Angeles, FanDuel has offices in the U.S. states of Florida, Georgia and Oregon, but it does not offer sports betting services in those states. California and Georgia do not allow sports betting.
FanDuel also has offices in Scotland.
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Source: www.casino.org
