Major Times Square landlords are backing Caesars Entertainment and SL Realty’s bid to build a casino in New York City. [Image: Shutterstock.com]
Build momentum
The fight for three lucrative casino licenses in New York State is heating up. About a dozen different parties are vying for the seal of approval, and one of the most interesting proposals is to build a casino in the legendary Times Square.
Support from heavyweights like rapper Jay-Z
Caesars Entertainment and major real estate developer SL Green Realty are leading this pitch, drawing support from local heavyweights like rapper Jay-Z. The owners of two large properties around the planned property now also support the offer.
Jamestown owns One Times Square, where the New Year’s Eve ball drop takes place, while Sherwood Equities owns Two Times Square. Numerous other property owners in the area have also supported the plan.
Gain local support
SL Green is the largest office landlord in Manhattan and founded the Coalition for a Better Times Square to push the casino idea. In addition to landlords, many local businesses, community organizations and unions in the area are members.
additional parking burdens, an increase in traffic and a possible increase in crime
Any successful bidder for any of the three licenses must receive community support. Some of the other proposals have already met with resistance due to the potential knock-on effects of a casino. These include additional parking burdens, an increase in traffic and a possible increase in crime.
The bidding process requires potential licensees to receive the green light from a local community advisory board before applying and ensures compliance with all land use and zoning requirements.
There’s still a long way to go
Not everyone supports a Times Square Casino. Many of the area’s theaters have banded together to form the Broadway League because they do not support the potential economic disruption and additional congestion that a casino would bring.
Times Square has long been one of the state’s top tourist destinations and a central location in New York City. Proponents of a possible casino believe it is the most suitable location in the city for a new gambling property. The Times Square Casino would occupy about eight floors of the 54-story 1515 Broadway building, and a 950-room hotel would rise above the casino.
