Two major property owners in Times Square, New York City, have declared their backing for the proposed casino in the area by SL Green, Caesars Entertainment, and Roc Nation. Jamestown, owner of One Times Square and Sherwood Equities, owner of Two Times Square are in favour of the pitched Caesars Palace Times Square casino at 1515 Broadway.
New York is in the process of awarding three downstate licenses for commercial gaming and SL Green, Caesars Entertainment, and Roc Nation have expressed interest in one. For candidates to be approved by the state, they would need community support, pay US$500 million for a license, and invest at least another US$500 in the project.
More Backing for the Gambling Project
Last week, the Coalition for a Better Times Square, a group introduced by SL Green in 2022 with its partner, announced that Jamestown and Sherwood Equities have declared their support for the proposed Caesars Palace Times Square. SoHo Properties, the Moinian Group, Wharton Properties, RFR Holding, Ian Schrager Company, and Stillman Development are also in favour of it.
RFR co-founder and principal Aby Rosen commented Times Square is the destination for domestic tourists and international travellers and a playground for New Yorkers. He believes that no location in the city is more suitable for the start of a gaming expansion than Times Square, as it is the number one tourist destination, and hub for entertainment, hospitality, retail and transportation.
This latest support was the first time any developer or property owner in the area publicly announced their backing for SL Green’s casino bid, claim sources. But Coalition for a Better Times Square does not only include landlords, as it also consists of over 30 local businesses, labour unions, and community organizations from Times Square and Hell’s Kitchen.
Charlie Rosenberg from The Paramount Building at 1501 Broadway said that as one of the nearest neighbours to the project, the organization has carefully reviewed the potential impact of the bid and it believes that it is a unique opportunity to invest in Times Square. He added that Paramount Building’s tenants include restaurants, small creative businesses, and Broadway leaders, which will all benefit from it.
In an attempt to bolster its chances of landing a commercial casino license, in May 2023, Roc Nation launched an open letter, which highlighted the benefit a gambling resort would bring to the area. The letter also read that their bid committed over US$115 million for diverse theatre programs which would come with daycare for Broadway workers and their families.
There’s also the Opposition
Unsurprisingly, not everyone is fond of the pitched gambling location. A coalition named “No Times Square Casino” opposed the project, and is led by the Broadway League. The group says the project would worsen traffic and fears that visitors will be enticed to stay within the casino walls instead of using the district’s restaurants and entertainment venues.
Source: Cheng, Andria “Major Times Square Landlords Back Casino Bid by SL Green, Caesars” CoStar, December 22, 2023
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