Navigation

© Zeal News Africa

NYC Casino Dreams Shattered: Jay-Z & Caesars Bids Rejected in Manhattan

Published 2 hours ago2 minute read
David Isong
David Isong
NYC Casino Dreams Shattered: Jay-Z & Caesars Bids Rejected in Manhattan

Two prominent proposals to establish casinos in Manhattan's bustling Times Square and on the undeveloped West Side have been rejected by community advisory committees, significantly dimming the prospects for a gaming facility in the borough. These rejections, which occurred through crucial votes on Wednesday, mean that only one Manhattan casino proposal may remain in the running for up to three coveted downstate New York gaming licenses.

The first proposal to face rejection was the Times Square casino, a joint venture between SL Green Realty Corp. and Caesars Entertainment Inc., which also had the backing of hip-hop mogul Jay-Z's Roc Nation company. This $5.4 billion plan aimed to transform an aging office building at 1515 Broadway, home to the Minskoff Theatre, into a Caesars Palace Times Square. The vision included a hotel, four restaurants, a theater, and a world-class gambling hall, estimated to generate $23.3 billion in gambling revenue over 10 years. Proponents, including Mayor Eric Adams, Governor Kathy Hochul, and the Rev. Al Sharpton, argued it would complement Times Square, drawing visitors who would patronize Broadway shows, restaurants, and shops, with additional promises of a $250 million investment in community projects including a public safety plan and a civil rights museum.

However, the Times Square bid faced fierce opposition. Broadway theater owners and producers, represented by The Broadway League, argued that a casino would draw patrons away from local businesses and threaten a theater industry still recovering from the COVID-19 pandemic. Community groups raised concerns about potential increases in crime, sanitation issues, and traffic congestion. Jason Laks, president of The Broadway League, succinctly stated, “This was a vote to protect the magic of Broadway. A casino can go anywhere, but Broadway only lives here.” Following the vote, an agitated Marc Holliday, CEO of SL Green, confronted committee members, labeling the decision a

Loading...
Loading...

You may also like...