Published on: September 17, 2025, 10:46h.
Updated on: September 17, 2025, 10:46h.
- The proposed $5.4 billion Times Square casino failed to secure the necessary two-thirds vote for state regulatory approval
- The vote marks the end of the Caesars Palace Times Square project
The dream of Caesars Palace Times Square has been dashed after the community advisory committee (CAC) declined the $5.4 billion initiative aimed at establishing a casino hotel in New York’s theater district.
A partnership between Caesars Entertainment (NASDAQ: CZR), real estate firm SL Green (NYSE: SLG), and Roc Nation, founded by hip-hop icon Jay-Z, spearheaded the initiative to introduce a gaming venue in Manhattan. While it gathered some backing from local business owners and labor leaders, it also faced considerable opposition from community organizations and figures in the theater industry.
“This was a decision to safeguard the essence of Broadway for the 100,000 New Yorkers who rely on it for their jobs, and for the millions who travel from across the globe to witness it,” stated Jason Laks, President of the Broadway League. “A casino could be situated anywhere, but Broadway is unique to this location.”
Following the vote, shares of Caesars experienced a slight uptick, while SL Green saw a decline of 4.61% at the time of writing.
Celebrity Support Fails to Propel Times Square Casino
Even with endorsements from certain actors, the Rev. Al Sharpton, and promises for substantial community investment including $250 million earmarked for additional resources like emergency medical services and public safety, supporters of the Times Square casino faced defeat.
Caesars, Roc Nation, and SL Green anticipated that Caesars Palace Times Square would result in 3,000 construction positions and 3,800 permanent jobs, alongside generating $7 billion in direct tax revenues within its initial decade of operation.
The allure of community investment, job opportunities, and increased state revenue could not persuade some locals and the CAC. A recent poll commissioned by the No Times Square Casino Coalition revealed that two-thirds of Times Square residents opposed a casino in the area. Furthermore, 64% indicated they would be less likely to support political candidates endorsing the casino project.
The poll further illustrated that women and seniors, key voting demographics, were particularly opposed to the Times Square casino.
Prominent Names Exiting the NYC Casino Scene
The CAC’s decision against the Times Square proposal represents another significant withdrawal from the New York City casino contest. Previously, both Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN) had abandoned their bids before reaching the CAC stage.
With Caesars now out of the running, the remaining major US casino operators in the New York competition are MGM Resorts International (NYSE: MGM) and Hard Rock International. MGM is looking to transform the Empire City Casino in Yonkers into a traditional gaming destination while Hard Rock is eyeing the establishment of a casino hotel in Queens.
It is rumored that these two operators, alongside Genting, which operates Resorts World New York in Queens, are the frontrunners for three downstate licenses anticipated to be awarded by the year’s end.