Major landlords in Times Square are backing the bid by Caesars Entertainment and SL Realty to build a casino in New York City. [Image: Shutterstock.com]
Building momentum
The battle for three lucrative casino licenses in central New York state is heating up. About a dozen different parties are vying for the stamp of approval, and among the most interesting proposals is a casino coming to the iconic Times Square.
Support from heavyweights like rapper Jay-Z
Caesars Entertainment and major real estate developer SL Green Realty lead the field, drawing support from local heavyweights like rapper Jay-Z. The owners of the two main properties surrounding the proposed site are now backing the bid.
Jamestown owns One Times Square, the site of the New Year’s Eve ball drop, while Sherwood Equities owns Two Times Square. Several other property owners in the area also lent their support to the plan.
Mobilize local support
SL Green is the largest office landlord in Manhattan and created the “Coalition for a Better Times Square” to try to push the casino idea forward. In addition to property owners, many local businesses, community organizations and labor unions in the area are members.
Additional pressures on parking, increased traffic, and potentially higher crime rates
Any successful bidder for one of the three licenses will need to gain community support; Some other proposals have already faced opposition because of the potential spillover effect of the casino. This includes additional pressures on parking, increased traffic, and potentially higher crime rates.
The bidding process requires potential licensees to get the green light from a local community advisory committee before submitting an application, as well as ensuring that all land use and zoning requirements are met.
There is still a long way to go
Not everyone supports Times Square Casino. Several theaters in the area banded together to form the Broadway League because they did not support the potential economic disruption and additional crowding that a casino would bring.
Times Square has long been one of the state’s premier tourist destinations and is a central location in New York City. Proponents of the potential casino believe it is the most suitable place in the city for new gambling properties. The Times Square Casino will occupy about eight floors of the 54-story 1515 Broadway building and a 950-room hotel will be built above the casino.
