Building momentum
The battle for three lucrative casino licenses in downstate New York is heating up. About a dozen different parties are vying to get the seal of approval and one of the most interesting proposals would see 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 are heading up this pitch, getting support from local heavyweights like rapper Jay-Z. The owners of two major properties surrounding the proposed site are now also supporting the bid.
Jamestown owns One Times Square, which is the location of the New Year’s Eve ball drop, while Sherwood Equities owns Two Times Square. Numerous other property owners in the area also have lent their backing to the plan.
Garnering local support
SL Green is the biggest office landlord in Manhattan and created the “Coalition for a Better Times Square” to try to push forward the casino idea. In addition to landlords, many local businesses, community organizations, and labor unions in the area are members.
additional strains on parking, an increase in traffic, and a possible uptick in crime
Any successful bidder for one of the three licenses needs to get community support; some of the other proposals have run into opposition already due to the possible knock-on impact of a casino. This includes additional strains on parking, an increase in traffic, and a possible uptick in crime.
The bidding process requires prospective licensees to have the green light from a local community advisory committee before it applies, as well as making sure all of the land-use and zoning requirements are up to scratch.
Still a long way to go
Not everyone supports a Times Square casino. Many of the theaters in the area have come together to form the Broadway League as they do not support the potential economic disturbance and additional congestion that a casino would bring.
Times Square has long been one of the main tourist destinations in the state and is a central location in New York City. Proponents of a possible casino believe that it is the most suitable place in the city for a new gambling property. The Times Square casino would take up about eight floors of the 54-story 1515 Broadway building and a hotel with 950 rooms would be built above the casino.