{"id":253922,"date":"2023-01-16T18:52:51","date_gmt":"2023-01-17T00:52:51","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=253922"},"modified":"2023-01-16T19:36:26","modified_gmt":"2023-01-17T01:36:26","slug":"sl-green-executive-is-positive-on-firms-times-square-casino-plan","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sl-green-executive-is-positive-on-firms-times-square-casino-plan\/","title":{"rendered":"SL Green Bullish on Caesars Partnership, Times Square Casino Plan"},"content":{"rendered":"

SL Green is already the largest New York City\u2019s largest commercial real estate developer, and the company is looking to add a casino-hotel to its expansive portfolio.<\/p>\n

\"Times
SL Green executive Brett Herschenfeld. He’s bullish on his firm’s plan to bring a casino to Times Square. (Image: The Real Deal<\/em>)<\/figcaption><\/figure>\n

Last October, the real estate investment (REIT) announced it is partnering with Caesars Entertainment<\/a> in a quest to open a casino in Times Square. Jay-Z\u2019s Roc Nation<\/a> entertainment agency joined the consortium last month.<\/p>\n

On the latest episode of The Real Deal<\/em>\u2019s podcast Deconstruct<\/em>, SL Green executive Brett Herschenfeld discussed the REIT\u2019s effort, which is viewed as controversial by some, to bring an integrated resort to the world famous theater district.<\/p>\n

It\u2019s an incredible opportunity to bring something that we believe will carry an enormous amount of economic development, job creation, and an opportunity to bring in new, quality entertainment to New York City,\u201d<\/strong> Herschenfeld told The Real Deal<\/em>.<\/p><\/blockquote>\n

Along with supporters of the project, Caesars and SL Green are hoping to convince New York policymakers that the gaming project can rejuvenate Times Square, which is still ailing from the adverse effects of coronavirus shutdowns.<\/p>\n

\u2018Crossroads of the World\u2019<\/h2>\n

Herschenfeld noted SL Green has had eyes on a casino project for a while, pointing out that the developer examined its portfolio two years ago and came away with a plan for a gaming project.<\/p>\n

\n

In the interview, he was careful to note that SL Green isn\u2019t deciding on the propriety of gaming or lack thereof. New York voters already had their say on the matter and the state is in the early stages of examining bids for three downstate casino licenses. In the gaming industry, landlords<\/a>, of which SL Green would be one if Caesars wins a gaming license, have nothing to do with the day-to-day operations of the venue.<\/p>\n<\/div>\n

\u201cWhat we\u2019re deciding here is what\u2019s the best location, holistically, for three licenses to go downstate,\u201d added Herschenfeld.<\/p>\n

Though he doesn\u2019t mention the venues by name, the SL Green executive acknowledged that there\u2019s chatter that two of the three licenses could be awarded to MGM Resorts International\u2019s Empire City in Yonkers and Resorts World New York in Queens. However, the state\u2019s request for application (RFA) notes there are no assurances to that effect.<\/strong><\/p>\n

Companies selected for the trio of downstate permits will be required to commit at least $500 million to project expenditures, while paying the same amount to the state in fees and related costs.<\/p>\n

Times Square Casino Has Detractors, Supporters<\/h2>\n

In a matter of months, the Times Square casino proposal generated plenty of detractors and supporters,<\/a> with the former group largely comprised of theater operators. They are concerned a gaming venue will keep visitors inside and betting, not going out and about in the neighborhood to dine and see Broadway shows.<\/p>\n

Additionally, some market observers believe a Manhattan casino-resort — regardless of location in the borough — will be a heavy lift. For his part, Herschenfeld believes an integrated resort in Manhattan makes sense because that\u2019s the most practical avenue for maximizing positive economic impact.<\/p>\n

\u201cWe feel that doing it in Manhattan just increases the size of the consumer pie, because tourists and affluent New Yorkers or affluent individuals from New Jersey aren\u2019t going to be frequenting locations outside of Manhattan on a recurring basis,\u201d <\/strong>he added.<\/p>\n

Herschenfeld also pointed out that a casino in Manhattan likely wouldn\u2019t cannibalize comparable venues in Queens or Yonkers.<\/p>\n","protected":false},"excerpt":{"rendered":"

SL Green is already the largest New York City\u2019s largest commercial real estate developer, and the company is looking to add a casino-hotel to its expansive portfolio. Last October, the real estate investment (REIT) announced it is partnering with Caesars Entertainment in a quest to open a casino in Times Square. Jay-Z\u2019s Roc Nation entertainment […]<\/p>\n","protected":false},"author":46,"featured_media":253923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81883],"tags":[81897,81898],"acf":[],"yoast_head":"\nSL Green Executive Is Positive On Firm's Times Square Casino Plan<\/title>\n<meta name=\"description\" content=\"SL Green exec Herschenfeld says Times Square ideal spot for Manhattan casino.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/sl-green-executive-is-positive-on-firms-times-square-casino-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Executive Is Positive On Firm's Times Square Casino Plan\" \/>\n<meta property=\"og:description\" content=\"SL Green exec Herschenfeld says Times Square ideal spot for Manhattan casino.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sl-green-executive-is-positive-on-firms-times-square-casino-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-17T00:52:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-17T01:36:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/bh.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"850\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sl-green-executive-is-positive-on-firms-times-square-casino-plan\/\",\"url\":\"https:\/\/www.casino.org\/news\/sl-green-executive-is-positive-on-firms-times-square-casino-plan\/\",\"name\":\"SL Green Executive Is Positive On Firm's Times Square Casino Plan\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sl-green-executive-is-positive-on-firms-times-square-casino-plan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sl-green-executive-is-positive-on-firms-times-square-casino-plan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/bh.jpg\",\"datePublished\":\"2023-01-17T00:52:51+00:00\",\"dateModified\":\"2023-01-17T01:36:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"SL Green exec Herschenfeld says Times Square ideal spot for Manhattan casino.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sl-green-executive-is-positive-on-firms-times-square-casino-plan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sl-green-executive-is-positive-on-firms-times-square-casino-plan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sl-green-executive-is-positive-on-firms-times-square-casino-plan\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/bh.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/bh.jpg\",\"width\":1200,\"height\":850,\"caption\":\"SL Green executive Brett Herschenfeld. 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