Real estate company SL Green’s ambition to bring a casino to Times Square might not be over just yet.
A month after an advisory committee rejected its $5.4-billion proposal, the company’s Chief Executive Officer, Marc Holliday, suggested there’s still life in the project, according to The Real Deal.
Key Takeaways
- SL Green’s $5.4-billion Times Square casino plan was rejected last month.
- Times Square was one of three Manhattan proposals that were rejected.
“The whole process and the outcome is unknown. How many bidders will there be? How many licenses will be awarded? And whether, if any are held back, there will be another shot for casinos in Manhattan or otherwise to come into play,” Holliday said in a third-quarter earnings call.
Holliday emphasized that the plan, which was developed with Caesars Entertainment, Roc Nation, and Live Nation, is still on the table.
It was turned down in September, along with other Manhattan proposals from Silverstein Properties and Stefan Soloviev, and in the wake of those rejections, Resorts World NYC in Queens and Steve Cohen’s proposed casino near Citi Field had appeared to be the frontrunners.
However, other recent developments, including the shock exit of MGM, could yet again reshuffle the race.
Holliday also stated that Paramount Global, the building’s largest tenant, is now on a more stable financial footing following its acquisition by Skydance Media for $8.4 billion. That stability, coupled with the building’s adaptability for entertainment or hotel use and its low debt, gives SL Green flexibility to explore multiple paths forward.
Yonkers mayor demands investigation after MGM withdraws
In a surprise twist to New York’s casino competition, MGM Resorts abruptly pulled its bid for a full casino license in Yonkers, stunning local officials and industry watchers alike.
MGM Empire City in Yonkers had long been viewed as a frontrunner to secure one of the state’s three downstate gaming licenses, potentially unlocking a $2.3-billion upgrade to its slots-only operation. But on Tuesday, the company folded.
Covers senior news analyst Ryan Butler likened it to quitting a marathon at mile 26, while Yonkers Mayor Mike Spano described it as a betrayal. He demanded an investigation, hinting at possible political influence behind the withdrawal, but New York Governor Kathy Hochul is on record as saying she saw no evidence of wrongdoing.
MGM’s exit could benefit rivals, however, including Bally’s Corporation, which has agreed to pay the Trump Organization more than $100 million if its Bronx proposal wins a license. In a separate development, the Trump Organization dismissed Spano’s allegations as completely false and accused the mayor of deflecting from his own controversies.
With MGM out of the running, just three active bids remain: Bally’s in the Bronx, Metropolitan Park near Citi Field, and Resorts World NYC in Queens.
