written and last updated by
Sam Smith at
27 Jun 2024
Journalist, Editorial Department
Real estate investment firm SL Green has announced a $250 million (approximately 21.44 billion rubles) investment aimed at developing the Midtown and Hell's Kitchen neighborhoods in Manhattan. However, this investment is contingent upon the company obtaining a license for its joint project with Caesars and Roc Nation—the Caesars Palace Times Square casino.
Brett Hershenfeld, Executive Vice President of SL Green, shared this information in a recent interview, where he also discussed the benefits that the casino project and the announced investment could bring to local communities.
According to Hershenfeld, the funds will be allocated to a number of local environmental initiatives, including the planting of hundreds of new trees and efforts to clean up the streets. He emphasized that SL Green plans to invest the funds immediately upon receiving the license, without waiting for the completion of construction or the opening of Caesars Palace Times Square.
Hershenfeld highlighted the significance of the project, noting the substantial responsibility it entails towards local communities. He predicts that the casino's establishment will foster the growth of small businesses and restaurants in Manhattan.
Currently, New York is in the process of selecting candidates for three casino licenses. Thanks to the efforts of local lawmakers, this process has been expedited. Interested companies can submit their applications until July 31, 2024, with the license holders expected to be announced by March 31, 2025.
The joint venture between Caesars, SL Green, and Roc Nation does not involve building a casino from the ground up. Instead, the companies plan to renovate the 54-story building located at 1515 Broadway. However, they will need to navigate significant competition from major players such as MGM Resorts International, Wynn Resorts, and Las Vegas Sands.
It is worth noting that the New York Senate has passed a bill to expedite the issuance of three casino licenses.
