Chavdar Vasilev is a gambling news writer with several years of experience in the iGaming industry. He started creating promotional content but soon found he loved reporting on the industry itself. Since then, he’s delivered...
Read Full BioAs the application deadline for New York casino licenses approaches, one of the projects—a Times Square casino backed by Caesars Entertainment, SL Green Realty, and Roc Nation—is dividing opinions among locals.
Backers tout billions in tax revenue and thousands of jobs. Meanwhile, opponents warn that the project could hinder Broadway’s revival and exploit vulnerable residents.
The Times Square casino project also received backing from civil rights activist Rev. Al Sharpton and Ryan Williams, founder of the real estate investment platform Cedre.
Caesars Times Square is one of eight hopefuls that hope to receive one of three coveted downstate New York casino licenses.
Caesars announced a partnership with Sharpton and Williams, which aims to invite local households to participate in the project. It would offer $500 ownership stakes under an “inclusive ownership.”
The Times Square casino process has been slow, but it’s finally reaching a critical point. The application deadline is June 27, and the winners are expected to be announced by the end of the year.
Developers Claim Backing From Over 200 Organizations and Businesses
The Caesars Palace Times Square partners predict that the project will create 7,000 permanent and 3,000 construction union jobs.
In addition, they expect that it will improve the infrastructure, bring more tourists, and increase the safety of the area. The developers have pledged to limit the project’s number of restaurant and hotel spaces to create demand for neighborhood businesses.
Recently, the partners also pledged a $5 million commitment to support the Callen-Lorde Community Health Center if they are selected for the license. Of that amount, $3 million would go towards a new Callen-Lorde Community Health Center for Excellence in Sexual Health.
The developers claim that over 200 organizations and businesses support the casino. They include local restaurants, hotels, residents, and unions such as the Actors’ Equity Association.
Recently, Wyndham Hotels & Resorts President and CEO Geoff Ballotti expressed support.
Project Receives Backing From Sharpton, Williams
The Times Square casino project now has Sharpton and Williams getting into the mix through a Caesars partnership.
Sharpton noted that the Times Square casino is the best opportunity for local stakeholders to participate in the decision-making process. He cited Jay-Z‘s leadership of Roc Nation in the project, who has been vocal in his support.
“Thanks to the leadership and vision of Jay-Z, we believe that for the very first time our community will not only have a seat at the table but also the opportunity to have a stake in the ownership of Caesars Palace Times Square,” Sharpton said.
Williams added that the initiative “overcomes longstanding barriers” and brings the potential to transform equitable ownership models.
Anti-Casino Coalition Believes Casino Will Hurt the Area
The project also faces significant opposition. An anti-casino coalition, which includes the Broadway League, IATSE, Sardi’s, The Shubert Organization, block associations, and others, recently held a rally against the proposed Times Square casino.
The Broadway League says the proposal is a threat to the theater industry:
“The last thing Times Square needs is a casino. We never needed a casino to bring Broadway back,” Jason Laks, the president of the Broadway League, said. “I think it could be an existential crisis for Broadway. I think it could put our theaters at risk, our communities at risk, the neighborhood at risk.”
The coalition also claims the casino would prey on vulnerable New Yorkers. It contradicts developers’ claims that it will ease congestion and crime.
Some local politicians are also against a Times Square casino. State Sen. Brad Hoylman-Sigal (D-47) has said he’s 100% opposed to it. Hoylman-Sigal, who will likely be the next Manhattan Borough President, believes the casino would have an adverse impact on mental health.
He echoed the coalition’s claims that the casino would prey on the vulnerable population and added,
“I haven’t had a single constituent come up to me and say, ‘Senator, let me have a casino in my neighborhood.’ It’s not going to happen under my watch.”
