The lights in Times Square are always bright, but for a few months, they were flickering with the promise of something much bigger—and much more controversial. We're talking about Caesars Palace Times Square. It wasn't just another hotel pitch. It was a $5.4 billion sledgehammer of a proposal backed by the biggest names in New York: SL Green, Caesars Entertainment, and Jay-Z’s Roc Nation.
They wanted to turn 1515 Broadway into a gambling mecca. Right in the middle of the Theater District. If you've ever walked past the Minskoff Theatre to see The Lion King, you were standing on the literal ground zero of this battle.
Honestly, the dream died fast. In September 2025, a Community Advisory Committee (CAC) basically nuked the plan in a 12-minute meeting. The vote was 4-2 against. Just like that, years of lobbying and millions in "community benefit" pledges vanished.
The Jay-Z Factor and the $250 Million Hook
You’ve gotta hand it to them; the partnership was savvy. By bringing in Jay-Z, the developers tried to frame the casino not as a "vice den," but as a cultural upgrade. Jay-Z himself argued that the project would be "additive" to Broadway, not a competitor. He talked about "changing the narrative."
💡 You might also like: Dow Jones Industrial Average Today: Why the Blue Chips are Stuck in Neutral
The group pledged $250 million for the neighborhood. They weren't just throwing around pocket change. They promised:
- $80 million for dedicated Times Square safety and sanitation.
- A new Civil Rights Museum.
- Subsidies for local childcare and rent support for Broadway workers.
- An "inclusive ownership" model where local residents could invest for as little as $500.
It sounded great on paper. But New Yorkers are famously skeptical of "too good to be true" offers.
Why Broadway Said "No Way"
The opposition wasn't just a few grumpy neighbors. It was a powerhouse coalition led by The Broadway League. They argued that a casino would cannibalize the theater industry. Their logic was simple: a casino is designed to keep you inside. It wants you at the slots, not at a 7:00 PM curtain call or a post-show dinner at Joe Allen.
"A casino can go anywhere, but Broadway only lives here," became the rallying cry.
Traffic was the other nightmare. If you think the 42nd Street crawl is bad now, imagine adding thousands of gamblers to the mix. Critics pointed out that the plan to "mitigate" traffic involved removing bus lanes. In a city trying to go green, that went over like a lead balloon.
The 12-Minute Execution
The final vote on September 17, 2025, was brutal. Despite over 12 hours of public testimony across previous hearings, the committee didn't spend much time deliberating at the end.
The two "yes" votes came from representatives of Governor Kathy Hochul and Mayor Eric Adams. The "no" votes came from local appointees who felt the community sentiment was overwhelmingly negative. A poll had already shown that about two-thirds of local residents didn't want the project.
SL Green CEO Marc Holliday didn't take the loss quietly. He called the decision a "despicable display of cowardice." He felt the committee ignored the 3,800 permanent jobs and the $7 billion in projected tax revenue.
Is Caesars Palace Times Square Actually Dead?
Kinda. In New York, nothing is ever truly 100% dead until the concrete is poured elsewhere.
Technically, the negative CAC vote means the project can't advance to the State Gaming Commission for a license. There is no formal appeal process for these committee decisions. However, Marc Holliday mentioned in an October 2025 earnings call that he doesn't consider the bid "completely dead."
✨ Don't miss: How Much Does the Average American Have Saved for Retirement: Why Most Estimates Are Kinda Wrong
The logic? The state is awarding three licenses. If the other bidders—like those in the Bronx or Queens—hit their own legal snags, the state might have to pivot. But let's be real: for now, 1515 Broadway remains an office tower with a very famous lion living inside it.
What This Means for New York Gaming
With Caesars out, the "Casino Wars" have shifted. The frontrunners are now looking at:
- Resorts World in Queens (the "racino" at Aqueduct).
- MGM’s Empire City in Yonkers (though they've had their own hurdles recently).
- Metropolitan Park near Citi Field (Steve Cohen’s massive bid).
The Times Square rejection proved that in NYC, real estate and celebrity power only get you so far. You have to win over the people who actually live in the shadows of the neon signs.
Actionable Insights for Following the Casino Race
If you're tracking the future of gambling in the city, here is how to stay ahead of the next moves:
🔗 Read more: Sam Zell Net Worth: Why the Grave Dancer Still Matters
- Watch the Zoning: The state recently cleared some zoning hurdles, but individual projects still need "Land Use" approvals. This is where most Manhattan bids die.
- Monitor the Remaining Licenses: Keep an eye on the Genting (Resorts World) and MGM bids. Since they already have "active" facilities, they are widely considered the safe bets for two of the three licenses.
- Follow SL Green’s 1515 Broadway: The lease for their anchor tenant, Paramount Global, runs through 2031. Watch for any "entertainment use" permit filings that don't include gambling. They might try to build the hotel and theater upgrades without the casino floor.
- Check the Gaming Commission Deadlines: The final winners for the downstate licenses are expected to be announced by the end of 2026. Any shifts in the political landscape could reopen doors that seem closed today.
The Caesars Palace Times Square saga is a classic New York story of massive ambition meeting an immovable object: the community's desire to keep Broadway exactly what it is.