Despite facing significant obstacles in the competitive casino race, SL Green Realty’s CEO Marc Holliday remains optimistic about the future of their $5.4 billion Times Square casino proposal. This optimism follows the company’s disappointing rejection by the community advisory committee, which recently voted against the development plan.

Casino Race Continues Despite Setbacks

The proposed casino, located at 1515 Broadway in the heart of Times Square, was part of a joint bid with Caesars Entertainment and Jay-Z’s Roc Nation. The project aimed to bring a mix of entertainment, gaming, and hospitality to one of New York’s busiest tourist hubs. However, in a move that surprised many, the community advisory committee did not give its approval, and local opposition from several political figures, including Councilmember Erik Bottcher and Assemblymember Tony Simone, sealed the fate of the proposal. These officials were influenced by over 1,000 calls and emails from local residents and organizations urging them to reject the project.

Despite this major setback, Holliday is far from conceding defeat. As reported by Bisnow, when asked if the Times Square project was “completely dead,” Holliday remained hopeful, stating, “This is still a process playing out.” He acknowledged that the outcome was still uncertain, with the state’s gaming board expected to make its final decisions on licensing by the end of the year. Holliday’s comments reflect a continued belief that if there is any opportunity for a casino license to become available in Manhattan, SL Green would be ready to take another shot.

While SL Green’s proposal was dealt a blow, the competition is still very much alive. MGM Resorts, another major player in the casino race, made headlines this week with an unexpected decision to withdraw its bid for a casino license in Yonkers, citing changes in government guidance that made the project financially unviable. This unexpected exit from the Yonkers race has left only three bidders in contention for the remaining downstate casino licenses, and there is no guarantee that all three will be awarded.

With MGM out of the running, the remaining proposals from Resorts World in Queens, Steve Cohen and Hard Rock’s Metropolitan Park proposal at Citi Field, and Bally’s in the Bronx will now compete for the coveted licenses. However, the gaming board, appointed by Governor Kathy Hochul, is not bound to issue all three licenses and has stated it could choose to award fewer than expected. This uncertainty adds a layer of complexity to the ongoing process, and Holliday sees this as a potential opening for SL Green if any of the licenses are held back.

The Path Forward for SL Green

Even after the setback, Holliday is carefully exploring all options for the 1515 Broadway property. The building, currently leased to Paramount Global (soon to be part of Skydance Media), is fully leased through mid-2031, offering SL Green the flexibility to adapt the space for alternative uses. Holliday has emphasized that the building is “perfectly” suited to accommodate immersive entertainment and hospitality offerings, with the option to integrate a casino if the opportunity arises in the future.

Despite the current challenges, Holliday remains confident in the value of 1515 Broadway, calling it “an extremely valuable asset.” He also suggested that the project could evolve into a different form of destination entertainment if a casino license does not become available. The building’s adaptable space, combined with the stability of its long-term lease, gives SL Green the flexibility to pivot its plans without rushing into a decision.

While SL Green has not entirely given up on the possibility of a casino in Times Square, Holliday’s tone has shifted from frustration to strategic planning. He acknowledged that while the initial bid may have failed, the company is “still evaluating all options” for the property and remains prepared to act if new opportunities emerge.

As the gaming facility licensing process continues, the remaining bidders are anxiously awaiting final decisions, expected by December. For Holliday and SL Green, this means a continued watchful eye on any shifts in the process that may allow for a future opportunity. He expressed hope that if any licenses are held back, “there’ll be another shot” for projects like theirs.

Holliday’s comments also reflect a larger frustration with the current state of the process. He noted that the entire system is “designed to make it impossible” for some projects, like theirs, to succeed. However, despite this sentiment, he remains pragmatic about the future, recognizing the potential for the market to evolve as the landscape changes.