Jay-Z Casino Plan Dies in Times Square Vote

A community advisory committee rejected Jay-Z’s Times Square casino proposal on Wednesday in a 4-2 vote. The decision terminated the $5.4 billion Caesars Palace project planned for 1515 Broadway in Manhattan.

SL Green Realty, Caesars Entertainment, and Jay-Z’s Roc Nation submitted the application for one of three downstate New York casino licenses. The proposal targeted the office building that houses the Minskoff Theatre, the current home of “The Lion King” musical.

Committee Breakdown

Six appointed members comprised the community advisory committee. Representatives from Mayor Eric Adams and Governor Kathy Hochul voted in favour. Four members appointed by Council Member Erik Bottcher, Assembly Member Tony Simone, State Senators Liz Krueger and Brad Hoylman-Sigal, plus Manhattan Borough President Mark Levine, voted against.

The committee must complete its review by Sept. 30. The projects needed a majority vote to be considered by the New York City Gaming Board for a final licensing decision.

Bottcher stated his decision followed extensive community outreach. Manhattan Borough President Levine announced opposition to both Times Square proposals before the vote occurred.

Project Specifications

The 150,000-square-foot casino would occupy floors above the existing theatre. Plans included 992 hotel rooms, restaurants operated by celebrity chefs, and entertainment venues programmed by Roc Nation.

Developers projected $7 billion in combined city and state tax revenue over 10 years. The application estimated 3,800 permanent jobs and 3,000 construction positions.

SL Green committed $250 million in community benefits. This included $80 million for Times Square safety programs, $15 million for a civil rights museum, and funding for local healthcare initiatives.

Broadway Opposition Data

The Broadway League organized resistance through a coalition of 35 organizations. Members included the International Alliance of Theatrical Stage Employees, Actors’ Equity Association, and American Federation of Musicians Local 802.

During the final six-hour public hearing at the Broadhurst Theatre, 185 people testified. Committee records show 104 spoke against the proposal, 76 supported it, and one remained neutral.

Among Hell’s Kitchen residents who identified their zip codes (10018, 10019, 10036), opposition reached 37 against versus 13 in favor. The Broadway League cited Broadway’s $14 billion annual economic impact as justification for protection.

Financial Projections

SL Green CEO Marc Holliday claimed the casino would generate $26.7 billion for Broadway theaters and area hotels over 10 years. The company projected $23.2 billion in gross gaming revenue during the same period.

Developers estimated three-quarters of casino visitors would arrive via public transportation or on foot. Traffic mitigation plans called for eliminating one bus lane and reducing expanded sidewalk space installed in 2022.

The proposal included an “inclusive ownership” model offering $500 investment opportunities to local low-income households. This represented the first such ownership structure proposed for a Manhattan casino.

Gaming License Competition

Eight projects initially competed for three available licenses. The Avenir project in Hudson Yards lost its committee vote the same day as Caesars Times Square, also by 4-2 margin.

Six proposals remain active. These include Bally’s at Ferry Point golf course in the Bronx, Thor Equities in Coney Island, and Steve Cohen’s Metropolitan Plaza near Citi Field. Two existing racinos in Queens and Yonkers seek full casino licenses.

For context on alternative gaming markets, UK casinos not on Gamstop operate under different regulatory frameworks than those proposed for New York’s licensing system.

Freedom Plaza represents the remaining Manhattan bid. The Soloviev Group’s $11 billion East Side project partners with Mohegan Gaming and faces committee review in coming weeks.

Post-Vote Reactions

Marc Holliday confronted committee members after the vote. Video footage captured him calling the decision “a despicable display of cowardice” and stating members would “live with that history forever.”

Caesars Entertainment released a statement expressing disappointment while reaffirming commitment to New York operations. The company currently operates Caesars Sportsbook within the state.

The No Times Square Casino Coalition issued statements through president Jason Laks emphasizing Broadway’s unique position as a cultural and economic engine requiring protection from gambling competition.

State Timeline

The Gaming Facility Location Board expects to announce final license winners by December 2025. Each approved project must demonstrate minimum $500 million community investment commitments.

New York State legalized commercial casino gambling through a 2013 constitutional amendment. The downstate licensing process began after completion of four upstate casino developments.

Current regulations require community advisory committee approval before state-level review. No appeal process exists for negative committee votes, making Wednesday’s decision final for both rejected Manhattan proposals.

The remaining six projects face similar community review processes through September 30. Each must secure majority committee support to advance to the Gaming Facility Location Board’s final evaluation phase.