SL Green CEO Set for $10M Windfall if Times Square Casino Gets Green Light
SL Green CEO Marc Holiday stands to receive a $10 million bonus if the proposed Times Square casino receives approval from New York regulators. The bonus details were revealed in a recent SEC 8-K filing by the real estate investment trust.
The project, valued at $4 billion, would be operated by Caesars Entertainment at 1515 Broadway, with Jay-Z's Roc Nation entertainment agency as a partner. The gaming venue would occupy the current Miskoff Theater space, home to "The Lion King."
Crowded Times Square at night
SL Green is currently seeking an extension on a $743 million defaulted loan for the property, due in March. Experts anticipate approval due to high occupancy rates and reliable rent collection from primary tenant CBS News.
The developer has committed $250 million for community investments, including environmental improvements and support for local theater district businesses, if Caesars New York City receives approval.
Competition for the downstate casino permits is intense, with approximately ten groups vying for potentially just one remaining license. MGM Resorts International's Empire City in Yonkers and Resorts World New York in Queens are widely speculated to secure two of the three available permits.
The Times Square casino proposal has generated mixed reactions, with opposition primarily focused on location concerns rather than opposition to gaming itself in New York City. The New York Gaming Commission will make the final decision on license recipients, expected later this year.