Jay-Z and Roc Nation's push to bring a casino to New York City has collapsed after a critical community vote.
On Wednesday, a six-member community advisory committee rejected the $5.4 billion Times Square casino proposal from SL Green Realty Corp., Caesars Entertainment Inc., and Roc Nation in a 4–2 decision.
Video footage from the vote posted by Akademiks showed that tensions ran high, and SL Green CEO Marc Holliday confronted committee members immediately after the result.
“What you did here today was despicable," Holliday said, per the video.
According to Bloomberg, the project required four affirmative votes to advance to the New York Gaming Facility Location Board but received only two, one of which came from Mayor Eric Adams’ appointee.
The outcome represents a major setback for SL Green and Caesars, which partnered in 2022 to pursue one of three downstate gaming licenses expected to be awarded later this year.
Bloomberg also reported that shares of SL Green tumbled nearly 8 percent after the vote, marking the steepest intraday decline since April. Caesars’ stock remained largely unchanged.
Had it been approved, the plan would have transformed an older Times Square office tower into Caesars Palace Times Square, a sprawling complex featuring a 150,000-square-foot casino, four restaurants, a hotel, and a theater. The developers projected $23.3 billion in gambling revenue over the next decade.
But neighborhood groups and Broadway stakeholders argued the casino would worsen crime, traffic, and sanitation issues. The Broadway League, a key opponent, celebrated the outcome.
“This was a vote to protect the magic of Broadway,” said League President Jason Laks, per Bloomberg. “A casino can go anywhere, but Broadway only lives here.”
The Times Square project was one of eight casino bids submitted this summer. Other high-profile proposals still under review include Steve Cohen’s vision for a casino near Citi Field in Queens and Soloviev Group’s Freedom Plaza project with Mohegan.
All community advisory committee votes must be finalized by the end of September, with the state expected to announce license winners in December.