{"id":277,"date":"2025-09-17T15:46:55","date_gmt":"2025-09-17T15:46:55","guid":{"rendered":"http:\/\/www.chuckwardrealestate.com\/?p=277"},"modified":"2025-09-22T12:08:46","modified_gmt":"2025-09-22T12:08:46","slug":"caesars-times-square-casino-rejected-by-advisory-committee","status":"publish","type":"post","link":"http:\/\/www.chuckwardrealestate.com\/index.php\/2025\/09\/17\/caesars-times-square-casino-rejected-by-advisory-committee\/","title":{"rendered":"Caesars Times Square Casino Rejected by Advisory Committee"},"content":{"rendered":"<ul>\n<li><strong>The $5.4 billion Times Square casino proposal didn\u2019t receive the needed two-thirds vote to move on to state <\/strong><strong>regulators<\/strong><\/li>\n<li><strong>Vote marks the end for Caesars Palace Times Square<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>Caesars Palace Times Square won\u2019t come to life after a community advisory committee (CAC) rejected the $5.4 billion plan to bring a casino hotel to New York\u2019s theater district.<\/p>\n<figure id=\"attachment_272944\" aria-describedby=\"caption-attachment-272944\" data-style=\"width: 858px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-272944 size-post-thumbnail-858xAUTO lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" alt=\"Jay-Z New York City Times Square Caesars SL Green\" width=\"858\" height=\"572\" data-src=\"http:\/\/www.chuckwardrealestate.com\/wp-content\/uploads\/2025\/09\/321efee8d395409da11452e2c400a5e5_md-858x572-1.jpg\"><figcaption>A community advisory committee rejected a proposal by Jay-Z and Caesars to bring a casino to Times Square. (Image: Getty)<\/figcaption><\/figure>\n<p>A consortium comprised of Caesars Entertainment (NASDAQ: CZR), real estate developer SL Green (NYSE: SLG), and Roc Nation, the entertainment agency owned by <a href=\"https:\/\/www.casino.org\/news\/jay-z-hypes-times-square-casino-bid-with-caesars\/\">hip-hop mogul Jay-Z,<\/a> led the effort to bring a gaming venue to the Manhattan neighborhood, and while it garnered support among some business owners and labor leaders, it also drew significant dissent from community groups and some in the theater world.<\/p>\n<blockquote class=\"main-blockquote\">\n<p>This was a vote to protect the magic of Broadway for the one hundred thousand New Yorkers who depend on it for their livelihoods, and for the tens of millions who come from around the world to experience it,\u201d said Broadway League President Jason Laks in a statement. \u201cA casino can go anywhere, but Broadway only lives here.\u201d<\/p>\n<\/blockquote>\n<p>Shares of Caesars, <a href=\"https:\/\/www.casino.org\/news\/caesars-mgm-most-shorted-consumer-cyclical-stocks-in-august\/\">which have recently scuffled<\/a>, traded slightly higher in the wake of the vote, but SL Green was lower by 4.61% at this writing.<\/p>\n<h2>Endorsements Not Enough for Times Square Casino<\/h2>\n<p>Despite the support of some actors, the Rev. Al Sharpton, and pledges to make significant community investments, including $250 million for emergency medical services, healthcare, and public safety, backers of the Times Square casino saw the dream quashed.<\/p>\n<p>Caesars, Roc Nation, and SL Green previously estimated that <a href=\"https:\/\/www.casino.org\/news\/the-wire-actor-pierce-backs-caesars-times-square-casino\/\">Caesars Palace Times Square<\/a> will create 3,000 construction jobs and 3,800 permanent roles while generating $7 billion in direct tax receipts over its first 10 years in business.<\/p>\n<div class=\"callout\">\n<p>The promises of community investment, job creation, and added revenue for state coffers weren\u2019t enough to sway some locals and the CAC. A poll commissioned by <a href=\"https:\/\/www.notimessquarecasino.com\/\">the No Times Square Casino Coalition<\/a> released last week showed two-thirds of Times Square residents don\u2019t want a gaming venue in the neighborhood. Another 64% said they\u2019d be less likely to support political candidates who backed the casino proposal.<\/p>\n<\/div>\n<p>The poll also indicated seniors and women &#8212; active voting groups &#8212; were among the demographics most opposed to the Times Square casino.<\/p>\n<h2>Big Names Falling Off in NYC Casino Race<\/h2>\n<p>The CAC\u2019s rejection of the Times Square bid marks the exit of another big name from the New York City casino competition. Previously, Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN) abandoned bids before advancing to the CAC process.<\/p>\n<div class=\"callout\">\n<p>With Caesars out of the picture, the only US-based casino operators with high brand recognition left in the New York race are MGM Resorts International (NYSE: MGM) and Hard Rock International. The former wants to convert Empire City Casino in Yonkers to a traditional gaming venue, while the latter wants to bring <a href=\"https:\/\/www.casino.org\/news\/hard-rock-queens-casino-has-good-shot-at-approval-says-state-senator\/\">a casino hotel to Queens<\/a>.<\/p>\n<\/div>\n<p>It\u2019s rumored that those two operators, along with Genting, which runs Resorts World New York in Queens, are the leaders for the three downstate licenses expected to be awarded by the end of this year.<\/p>\n<p>The post <a href=\"https:\/\/www.casino.org\/news\/caesars-times-square-casino-rejected-by-advisory-committee\/\">Caesars Times Square Casino Rejected by Advisory Committee<\/a> appeared first on <a href=\"https:\/\/www.casino.org\/news\">Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The $5.4 billion Times Square casino proposal didn\u2019t receive the needed two-thirds vote to move on to state regulators Vote marks the end for Caesars Palace Times Square Caesars Palace Times Square won\u2019t come to life after a community advisory committee (CAC) rejected the $5.4 billion plan to bring a casino hotel to New York\u2019s theater district. A community advisory [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"_links":{"self":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/277"}],"collection":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/comments?post=277"}],"version-history":[{"count":2,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/277\/revisions"}],"predecessor-version":[{"id":280,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/277\/revisions\/280"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/media\/279"}],"wp:attachment":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/media?parent=277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/categories?post=277"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/tags?post=277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}