NYC Committee Rejects Jay-Z-Backed $5.4 Billion Times Square Casino Plan

A New York City community advisory committee voted 4-2 Wednesday to reject the $5.4 billion Times Square casino proposal backed by Jay-Z’s Roc Nation, SL Green Realty Corp., and Caesars Entertainment Inc. The project needed four affirmative votes to advance to the New York Gaming Facility Location Board but received only two. SL Green CEO Marc Holliday confronted committee members after the vote, saying “What you did here today was despicable.” The plan would have transformed an older Times Square office tower into Caesars Palace Times Square, featuring a 150,000-square-foot casino, four restaurants, a hotel, and theater. Developers projected $23.3 billion in gambling revenue over ten years. Broadway League President Jason Laks said “This was a vote to protect the magic of Broadway. A casino can go anywhere, but Broadway only lives here.” (Story URL)