Caesars, Silverstein Manhattan Casino Bids Fail After Local Vote

(Bloomberg) – Two bids to put Casino in Manhattan’s Times Square and the undeveloped lands on the west side ended after the community advisory committees rejected the projects in key votes on Wednesday.

Supported by Silverstein Properties, Rush Street Gaming and Greenwood Gaming and Entertainment, the West Side project did not guarantee the votes required to switch to the New York Game Facility Board. Sl Green Realty Corp. and Caesarsears Entertainment Inc.’s proposal for A Times Square Casino lost his votes early on Wednesday.

Losses mean that only one offer for a Manhattan casino can remain in the competition between developers and casino operators to earn three game licenses in New York.

Although a Manhattan Casino support has billions of dollars income potential, Times Square Casino has reacted especially from local community groups. In all, eight offers have been proposed for casinos in the downstate area.

Mayor Eric Adams and Governor Kathy Hochul representatives were the only positive votes on Wednesday. Two Project Committee Member of the New York Municipal Assembly Member Erik Bottcher said he would not support both proposals.

“I believe that casinos should clean a particularly high bar that requires a uniquely powerful community before taking part in a neighborhood,” he said. “Despite a comprehensive social assistance made by applicants, this level of support did not realize.”

Sl Green and Caesars representatives did not return a message looking for comments.

SL Green and Caesars came together in 2022 and developed a plan to turn a aging office building into a hotel, four restaurants and a theater on the ground floor to Caesarsars Palace Times Square. For 10 years, Casino would earn $ 23.3 billion gambling income. However, while opposing the owners of Broadway theaters, community groups were concerned about the potential increase in crime, sanitation problems and traffic congestion.

“This was a pace to maintain the magic of Broadway,“ said Jason Laks, President of Broadway League and No Times Square Casino Casino Coalition. “A casino can go anywhere, but Broadway only lives here.”

SL Green shares fell in New York in New York with a decrease of 3.9% in New York in New York after falling to 7.7% since April. Caesars shares increased by 1.4% to $ 25.93.

According to a video sent to X by a reporter in New York business, Ajite SL Green President Marc Holiday confronted the committee after the vote.

“We met the standard and then some. The only person who has the courage to stand up, the governor and the mayor of the mayor, and everyone is running and hiding. Go and hide, Hol Holiday said in the video. “What you do is the benefits you reject this community, this city and the state, you have to live forever with this date.”

Silverstein proposal for $ 7 billion Avenir, Hyatt Hotels Corp. with a 1000 -room luxury hotel, restaurants, an art gallery and performance venue, 41st Street and 11th Street, Jacob K. Javitz would put on a large plot just north of the Convention Center. Developers also promised to transform nearby office towers into more than 2,000 apartments to help alleviate residential famine.

Developers, the project will create more than 4,000 construction work and 5,000 permanent positions, he said.

Dino Fusco, a business officer of Silverstein, said in a statement, “Frankly, we were disappointed that our elected officials did not see a way for the Avenir project of the West Side.

Early on Wednesday, Avenir asked for a delay in the vote, saying that the Advisory Committee had not been given the opportunity to address the team on Tuesday night on Tuesday night. The request spent the weekend of the Avenir team by answering more than 20 questions about their applications, a 19 -page response 24 hours before the last date.

“This action and today’s vote should be postponed.” He said.

Later in this month, a committee will vote for the Freedom Plaza project, which will create a development of 11.2 billion dollars just south of the United Nations Center on the eastern side of Manhattan. If this cannot pass, the expectation of a Manhattan casino has ended.

For Manhattan Casinos, the other two offers have been left in recent months. Saks Global, while Midtown’da a point for a point, Wynn Resorts Ltd, community support after not getting the support of Hudson Yards for a casino on the west side of the offer left.

New York State Senator Brad Hoylman-Balg, who was in CAC for his representative Avenir project, said that he was against Manhattan Casinos in an interview on Wednesday.

“Leaving a casino in the midst of a quality of life, whether traffic, illegal drug use, panhandling and other homelessness will worse the situation,” he said. “A casino does not deal with any of these problems, just worse.”

Other contestants who are still waiting for CAC votes are the billionaire Steve Cohen’s project near Citi Field in Queens. All votes will be held until the end of September and licenses will be given in December.

-Help from Jeremy R. Cooke.

(Updates with votes in Silverstein Casino project.)

There are more stories like this Bloomberg.com