Laying out their case
Superstar rapper Jay-Z is lending his weight to a proposal from Caesars Entertainment and real estate firm SL Green to bring a casino to Times Square in New York City. The Brooklyn native appeared at the first community advisory committee hearing for the project on Wednesday.
Jay-Z, dressed in a sharp suit and sounding a little nervous as he addressed people at the meeting, said he believes that a gaming facility would be a “very good alignment” for Times Square, and it isn’t “coming to compete with Broadway.”
concerns about the disruption such a property might have on the local entertainment industry
Locals have expressed concerns about the disruption such a property might have on the local entertainment industry. The 55-year-old confirmed that the plan is to work with the community and not hurt it.
Not majorly disruptive
To quell some of the unease, Caesars has agreed to allow members of its loyalty program to spend their points at local businesses if the project gets the green light. It is also the least disruptive proposal of those seeking one of three downstate New York City permits.
It wouldn’t require a new development. Instead, the proposal is to retrofit the existing office building on 1515 Broadway into less than 1,000 hotel rooms, a gaming floor, and four restaurants. It wouldn’t have any sort of retail space.
End is in sight
Any prospective bidder for a license needs to have sufficient community support to undergo full consideration. Community advisory committees will need to vote by the end of September as to whether they are going to sign off on the planned project in their area or not.
will reveal the three successful applicants before the end of 2025
A bid will need at least two-thirds support to make it through this round, with the plan being that the New York State Gaming Commission will reveal the three successful applicants before the end of 2025.
While existing slot operators in Yonkers and Queens are favorites to get two of the approvals, there is fierce competition among the remaining interested parties, which include an $8bn casino adjacent to Citi Field.
