\n Posted on: October 16, 2025, 07:17h.\u00a0\n <\/p>\n
\n Last updated on: October 16, 2025, 07:17h.\n <\/p>\n
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- Times Square casino plan was first in New York rejected by a CAC<\/strong><\/li>\n
- SL Green CEO says it\u2019s not \u201ccompletely dead\u201d<\/strong><\/li>\n<\/ul>\n
Caesars Palace Times Square was the first of the New York City casino proposals to be rejected by a community advisory committee (CAC), signaling appetite for a gaming venue in Manhattan may be limited, but it\u2019s possible the plan isn\u2019t entirely six feet under.<\/p>\n
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Crowds in Times Square. SL Green said hopes of bringing a casino there aren\u2019t completely dead. (Image: Shutterstock)<\/figcaption><\/figure>\n Marc Holiday, chairman and chief executive officer of SL Green (NYSE: SLG), said on that company\u2019s third-quarter earnings conference call earlier today that the plan to bring a casino hotel to 1515 Broadway isn\u2019t entirely in the grave.<\/p>\n
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No, I don\u2019t think, by any means, it\u2019s to use your term completely dead,\u201d said Green in response to a question from Bank of Montreal analyst John Kim. \u201cI think the whole process and the outcome is still unknown. How many bidders will there be? How many licenses will be awarded \u2014 and whether, if any are held back, there\u2019ll be another shot for casinos in Manhattan or otherwise to come into play.\u201d<\/p>\n<\/blockquote>\n
SL Green owns the building at 1515 Broadway and is the real estate partner of Caesars Entertainment (NASDAQ: CZR) and Jay-Z\u2019s Roc Nation<\/a>. The consortium proposed a $5.4 billion<\/a> gaming venue in the heart of Manhattan aimed at creating jobs and rejuvenating the theater district.<\/p>\n
Hope Burns Eternal for Times Square Casino<\/h2>\n
With Tuesday\u2019s surprise news that MGM Resorts International (NYSE: MGM) is abandoning its quest<\/a> to land a permit to convert Empire City Casino in Yonkers to a Las Vegas-style gaming venue, the downstate casino competition has been pared to three contenders.<\/p>\n
\nThat rapid attrition has stoked speculation, albeit faint, that the New York Gaming Facility Location Board (NYGFLB) might not award all three licenses or that the regulator could override the votes of Manhattan CACs to resuscitate efforts to bring a casino hotel to that borough. Caesars Palace Times Square was one of several Manhattan casino proposals that were rejected and none of the three remaining bids are in that borough.<\/p>\n<\/div>\n
Green believes Manhattan should be home to at least one casino, though many locals beg to differ<\/a>, adding that Times Square was the ideal location for a new gaming venue.<\/p>\n
\u201cThere should be at least one casino in Manhattan. I think that\u2019s obvious and Times Square was the exact right location, but the process was designed to make that impossible, at least for the time being,\u201d said the SL Green CEO on the conference call.<\/strong><\/p>\n
SL Green Evaluation All Options<\/h2>\n
Green acknowledged the REIT is \u201ckeeping alive a hope for the future of a possible casino if a license remains available\u201d, but made clear the company is open to all options for 1515 Broadway, gaming venue<\/a> or otherwise.<\/p>\n
It\u2019s prime real estate and the primary tenant is CBS, which is being financially bolstered via an acquisition by Skydance, and Green noted the building could seamlessly convert to a hotel\/leisure destination if that\u2019s in the cards down the road.<\/strong><\/p>\n
\u201cThe beautiful thing is right now we\u2019ve got so much flexibility because our debt per square foot is, I think, like $3.75 a foot or thereabouts. So we have complete financial flexibility,\u201d he told analysts. \u201cThe buildings net leased through, I think, the middle of 2031 and the cash flow is significant from the property. And that\u2019s a good scenario for us to sort of look at all options, commence multiple negotiations and try and end up in the best place.\u201d<\/p>\n<\/div>\n
- SL Green CEO says it\u2019s not \u201ccompletely dead\u201d<\/strong><\/li>\n<\/ul>\n