Gambling giant, Flutter Entertainment, is broadening its American base of operations, having recently signed a 12-year lease for a grand 35,898 square feet space on the 23rd floor of the iconic One Madison Avenue skyscraper in New York City. While the company’s precise plans for this significant acquisition have yet to be fully revealed, speculation is rife about their intentions.
The Dublin-headquartered company, which holds 95% ownership of the country’s largest digital sportsbook operator, FanDuel, may be planning to expand its US operations at One Madison Avenue. FanDuel’s corporate headquarters are already based in New York, where they lease a space at 300 Park Avenue South. However, Flutter is yet to confirm any such plans.
This recent acquisition comes barely two months after Flutter’s shares were listed on New York Stock Exchange, signalling the company’s burgeoning interest in the US market. In fact, at its next annual group meeting on May 1st, Flutter intends to ask investors to vote for a shift of its primary listing from London to New York.
It’s intriguing to note that One Madison Avenue belongs to the real estate investment trust, SL Green Realty, also partnered with Caesars Entertainment and Jay-Z’s entertainment agency, Roc Nation, on a Times Square casino proposal. Incidentally, SL Green Realty, Caesars, and Roc Nation are among a lineup of almost a dozen entities, all in competition for three highly coveted New York casino permits, to be awarded later this year by state regulators.
Although Flutter’s primary involvement lies in online gambling and not in land-based casinos, the rented space will undeniably elevate its US presence. A lease agreement with SL Green, at an estimated cost of $170 per square foot, is part of the company’s strategy for US growth and dominance.
The news of Flutter’s agreement to occupy the 23rd floor comes approximately three months after FanDuel purchased a new office space in Beverly Hills, California for a staggering $71 million, which translates to $1,410 per square foot for a 50,200-square-foot building on Wilshire Boulevard.
FanDuel’s expansion isn’t limited only to US territories. Despite sports betting not being permitted in California or Georgia, it continues to maintain offices in these states, Florida, Oregon, and even across the Atlantic, in Scotland.
