Published on: December 18, 2024, 04:15h.
Last updated on: December 18, 2024, 04:15h.
The office building of Hippodrome is the latest voice against the proposal to introduce a casino hotel to Times Square in New York City.
The owners of the Class A office building at 1120 Avenue of the Americas are concerned that the gaming venue planned by Caesars Entertainment, SL Green, and Roc Nation could negatively impact neighboring office tenants.
“Times Square is thriving and hardly needs to experiment with this kind of development,” said Andy Gottesman, principal of The Hippodrome, in a statement. “In addition to the valid concerns expressed by others about congestion, disruption and questionable economic benefits, we underscore the likelihood of losing the delicate balance among office workers, theater-goers and tourists that has evolved over many years.”
The objections from Hippodrome come after the United Federation of Teachers also voiced opposition to the casino proposal, citing the area’s educational importance for children.
Hippodrome Sees a Precedent for Objecting to Times Square Casino
Due to the limited availability of suitable commercial real estate for gaming venues in New York City, many gaming companies seeking downstate casino licenses are partnering with real estate developers.
In addition to Caesars/SL Green, Related Cos. and Wynn Resorts are working together to bring an integrated resort to the Western Rail Yards on the West Side of Manhattan. Hippodrome’s Gottesman points out that some real estate developers have abandoned casino plans due to concerns about the impact on tenants.
In a press release, the principal of Hippodrome mentioned the example of Vornado Realty Trust, a major real estate investment trust, withdrawing plans for a casino hotel near Madison Square Garden and Penn Station.
When the news broke in October 2023, Vornado’s Chairman and CEO did not provide specifics on why they dropped the casino idea, but Gottesman speculated that tenants were less likely to lease space with a neighboring gaming venue.
Times Square Casino Faces Both Opposition and Support
The Times Square Casino proposal has garnered objections and support from locals – many of whom are not against casinos in New York City, but are against having them in their neighborhoods.
Hippodrome is part of the No Times Square Casino Coalition, along with other local businesses and community groups.
On the other hand, some businesses in Times Square and labor groups support the Caesars/SL Green project, believing it will create union jobs.