SL Green CEO Marc Holliday has not let go of the dream of a casino in Times Square — no matter how decisively the community, local officials and the state’s review process slammed the door on his company’s Caesars Palace Times Square proposal in September.
SL Green CEO Marc Holliday partnered with JAY-Z and Roc Nation for the Caesars Palace Times Square casino bid. Photo: Phil O’Brien
The bid appeared dead after the Community Advisory Committee (CAC) voted it down. Councilmember Erik Bottcher, Assemblymember Tony Simone and Senator Brad Hoylman-Sigal all voiced opposition, while Manhattan Borough President Mark Levine warned that, although casinos could offer economic benefits, the risks to Broadway, congestion and quality of life were too great.
Simone said his office heard more than 1,000 emails and calls from locals urging rejection, adding that the committee “did exactly what it was set up to do — listen to the people who live on the West Side.” Broadway unions and neighborhood coalitions celebrated, with the No Times Square Casino Coalition calling it a victory for “the 100,000 New Yorkers who depend on Broadway.”
And this wasn’t just a developer’s bid. Caesars Palace Times Square partnered with JAY-Z and Roc Nation, who framed the project as a cultural partnership rather than simply a casino. At CAC meetings, JAY-Z personally appeared and called it a “once in a lifetime opportunity” to reshape Times Square into something New Yorkers could be proud of, stressing, “We’re not coming to compete with Broadway — we’re coming to add.”
But the drama was far from over. After the CAC adjourned, Holliday strode to the front of the room, shaking with anger, and delivered an impromptu speech. He called the vote “a despicable display of cowardice, lack of leadership, lack of consideration for all the people who would benefit from this proposal,” and accused elected officials of running from responsibility. “The benefits you denied this community and this city and state—you have to live with that history forever,” he warned. It was an extraordinary public outburst from the leader of New York’s largest commercial landlord, and a rare glimpse of how personal the bid had become for SL Green.
SL Green CEO Marc Holliday called the outcome of the CAC “a despicable display of cowardice.” Photo: Michael Hull
But when Holliday returned to the topic on SL Green’s third-quarter earnings call this Thursday, he was markedly calmer — though still defiant. He said the company had “put our heart and soul into Caesars Palace Times Square” and “left it all on the field.” He called it “an enormous loss for New York City and for the large coalition of community stakeholders that stood to gain so much,” and said, “I have no regrets whatsoever about our proposal, but many regrets about the outcome of a process that put so much power in the hands of so few.”
In Holliday’s view, “there should be at least one casino in Manhattan,” and “Times Square was the exact right location — but the process was designed to make that impossible, at least for the time being.”
Despite the defeat, Holliday made clear he hasn’t given up. When asked directly whether the casino plan at SL Green’s 1515 Broadway tower was now “completely dead,” he replied, “No, I don’t think by any means it’s…completely dead. I think the whole process and the outcome is still unknown,” suggesting that if any licenses were held back, “there’ll be another shot.”
He said SL Green would “evaluate all options” for 1515 Broadway — including “immersive and destination entertainment uses combined with hotel and hospitality offerings in the tower” — and would “keep alive a hope for the future of a possible casino if a license remains available.”
That may not be just wishful thinking. The casino process itself has begun to unravel. MGM Resorts unexpectedly withdrew its Yonkers bid this month, leaving only three bidders for the three downstate casino licenses the state intends to award. The remaining contenders are Resorts World in Queens, Steve Cohen and Hard Rock’s Metropolitan Park proposal at Citi Field and Bally’s in the Bronx. Originally, the state designed the process to be competitive, expecting bidders to offer higher tax rates and richer community benefits packages. Instead, with the field shrinking, some bidders are now offering only the minimum required tax rates.
Even with only three applicants, the Gaming Facility Location Board is not obligated to issue three licenses — and has publicly stated it could issue two, one or none. A 2021 state-commissioned study recommended that at least one casino should be located in Manhattan to maximize tax revenue. With Manhattan now out of the running, some insiders told Crain’s that the state should consider reopening the process to restore competition.
One executive involved in an eliminated bid said, “This scenario…does not allow for the competitive bidding environment the state envisioned. The state should consider reopening the process.” Others warned that if the state doesn’t award all three licenses now, it may never do so — because community resistance, like that seen in Times Square, will only grow.
How Caesars Palace Times Square would look at 1515 Broadway. Rendering: SL Green
That uncertainty creates a potential opening for SL Green. Holliday emphasized that 1515 Broadway remains an “extremely valuable asset,” fully leased until 2031 and “perfectly” positioned to convert to entertainment or hospitality use. Paramount/Skydance, the main tenant, pays “not a big rent,” making the building even more attractive as a future redevelopment site. “We’re going to evaluate all options,” Holliday said, and “try and end up in the best place.”
In September, Holliday’s anger reflected the emotional blow of losing a project he believed would “improve Times Square, create thousands of good jobs and serve as an economic engine.” In October, his tone shifted to strategy. Holliday is quietly positioning SL Green to take another swing — if and when the door opens again.