Published on: October 16, 2025, at 07:17h.
Updated on: October 16, 2025, at 07:17h.
- Times Square Casino Proposal Becomes First in New York to be Denied by a CAC
- SL Green’s CEO Insists Plans Aren’t Completely Abandoned
The Caesars Palace Times Square initiative is the inaugural casino proposal in New York City to face rejection from a community advisory committee (CAC), indicating that the interest in establishing a gaming venue in Manhattan could be limited. However, there remains a possibility that the project isn’t completely doomed.
Marc Holiday, the chairman and CEO of SL Green (NYSE: SLG), remarked during the company’s third-quarter earnings call today that the concept of a casino hotel at 1515 Broadway is not entirely out of the picture.
“I wouldn’t say it’s completely dead,” Green stated, responding to an inquiry by John Kim, an analyst with Bank of Montreal. “The entire process and outcome are still uncertain. How many bidders will enter? How many licenses will be granted, and will there be another chance for casinos to enter Manhattan?”
SL Green is the owner of the structure located at 1515 Broadway and operates in partnership with Caesars Entertainment (NASDAQ: CZR) and Jay-Z’s Roc Nation. The consortium suggested a $5.4 billion gaming establishment at the center of Manhattan, aimed at job creation and revitalizing the theater district.
Optimism Persists for Times Square Casino
Following the unexpected announcement that MGM Resorts International (NYSE: MGM) is withdrawing its intentions to secure a permit to convert Empire City Casino in Yonkers into a Las Vegas-style gaming venue, the competition for downstate casinos has been reduced to just three contenders.
This swift decline has fueled speculation, albeit limited, that the New York Gaming Facility Location Board (NYGFLB) might withhold licenses from all three competitors or that the regulator could override the decisions made by Manhattan CACs to revive attempts at establishing a casino hotel in that area. Caesars Palace Times Square was among several rejected Manhattan casino proposals, and currently, none of the three remaining applications are from that borough.
Green is an advocate for including at least one casino in Manhattan, despite opposition from many locals, arguing that Times Square is perfectly suited for a new gaming venue.
“Manhattan certainly deserves at least one casino. It’s clear to me that Times Square is the ideal spot, but the current process is designed to obstruct that from happening, at least for now,” stated the SL Green CEO during the conference call.
SL Green Exploring All Possibilities
Green acknowledged that the REIT is “sustaining a hope for the potential of a casino if a license becomes available,” but emphasized that the company is considering all avenues for 1515 Broadway, whether as a gaming venue or alternative use.
This prime location is currently home to CBS, which is supported by an acquisition from Skydance. Green also noted that the property could easily transition to a hotel or leisure destination if the circumstances allow.
“The advantage is that we have significant flexibility right now because our debt per square foot is approximately $3.75. This gives us full financial freedom,” he shared with analysts. “The building is net leased until around the middle of 2031, and the property generates substantial cash flow. This presents a favorable scenario for us to explore various options, initiate multiple negotiations, and aim for optimal outcomes.”