Times Square casino plan opposes Shubert organization

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Posted on: November 14, 2022, 01:05h.

Last update: November 14, 2022, 4:14 a.m.

The Shubert Organization is the latest powerhouse group on Broadway to criticize plans for a casino in New York’s Times Square.

Times Square Casino
Times Square in New York, seen above. A large theater troupe is opposed to a casino. (Image: CitySignal)

Shubert, Broadway’s largest theater owner, joins the Broadway League in opposing a proposal by real estate investment trust (REIT) SL Green to build a casino in the world-famous theater district. Caesars Entertainment would operate the venue. The real estate company and operator of Harrah’s unveiled the land last month.

Currently, the two New York area casinos – Resorts World New York City in Queens and MGM’s Empire City Casino in Yonkers – are slots-only venues. The state’s 2023 budget likely paves the way for these sites to become full-service casinos with table games and retail sports betting and provide a third license to a yet-to-be-determined operator.

Caesars and SL Green are trying to convince theater owners that a Times Square casino could improve the area’s crime and traffic problems while potentially creating more business for local restaurants.

Some support, but Shubert’s opposition is significant

The SL Green/Caesars plan has supporters including Actors Equity, former police commissioner Bill Bratton and several area restaurants, reports The New York Post. Bratton generated a safety plan for SL Green for the project.

This support should not be flouted. But some local officials and residents have long expressed dismay at the possibility of a Manhattan gambling venue, which means that if a third New York gambling license is awarded, that winning company may have to consider another. borough.

Shubert makes it clear that he opposes the Times Square casino effort. In a recent podcast, Shubert vice president of real estate Julio Peterson said the venue would be “disruptive for theatergoers, and we don’t think it’s the best thing for our district.”

Peterson added that he was not against a casino in New York, but that he did not want one in Times Square.

Times Square isn’t just a casino option in New York

Amid expectations that New York will approve a third downstate gambling venue, casino competition in America’s largest city is taking shape and Times Square is far from the only option.

Wynn Resorts partners with REIT-related companies on Hudson Yards gambling site proposal. Meanwhile, Las Vegas Sands is said to be considering an integrated resort on notoriously difficult-to-develop land near Citi Field in Queens. Bally’s and Hard Rock International are also reportedly interested in a New York hotel-casino, although the former is focusing on its near-term Chicago project.

A panel of six city and state officials oversees the bidding process, and at least four panel members must give the go-ahead for a gambling proposal to proceed.

As for the Times Square casino effort, SL Green has yet to release many details about the proposal. But that should change in the coming months. Current speculation centers on a boutique-style casino, high-end dining offerings and a luxury hotel, according to the Job.

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