Is Jay-Z’s Times Square Proposal Still in Play?

Bookmakers Review
October 22, 2025

The proposed Times Square Casino, a joint venture between SL Green Realty Corp., Caesars Entertainment, and Jay-Z’s Roc Nation, was deemed dead in the water after a local advisory committee rejected the plan due to opposition from local neighborhood groups.

However, the SL Green Realty Chairman and CEO, Marc Holliday, believes the project can still be revived.

MGM Withdrawal Revives Times Square

New York’s three downstate casino licenses will be awarded at the end of the year, and at last check, we had counted three of the dozen projects left.

However, one of those three projects left standing was not Jay-Z’s Times Square bid that had been voted down by the Manhattan Community Advisory Committee (CAC).

But that may not be as insurmountable as initially believed, now that only three projects remain in contention after MGM Entertainment shockingly withdrew its racino, the Empire City Casino in Yonkers, from consideration.

MGM’s decision to withdraw was made after New York changed the casino licensing period from 30 to 15 years, as well as the dynamic environment of the gaming industry.

Needless to say, this decision does not sit well with a number of supporters, mainly politicians like Yonkers Mayor Mike Spano, who publicly backed the casino in his district. In the past, MGM has stated that its slots-only license would not allow it to continue if it did not receive one of the three full casino licenses being awarded.

The Lazarus Effect

New York now has three licenses left for three bidders, including:

Bally’s (Bronx)
Hard Rock Metropolitan Park (Queens)
Resorts World New York City (Queens)

The regulators tasked with awarding the licenses have stated they may grant all three licenses or none at all, depending on their evaluation of the projects.

However, one project that has been on the sidelines for several weeks, Jay-Z’s Times Square Casino, may not be completely dead, despite its local Community Advisory Council (CAC) voting 4-2 against the project. If the local community does not support a project, it is considered a death knell.

However, the Lazarus Effect may be at work for the Times Square casino proposal located at 1515 Broadway, after listening to SL Realty CEO, March Holliday, who said the following after learning of MGM’s abrupt pullout.

“No, I don’t think, by any means, it’s, to use your term, completely dead,” Holliday said in response to a question from Bank of Montreal analyst John Kim. “I think the whole process and the outcome is still unknown. How many bidders will there be? How many licenses will be awarded – and whether, if any are held back, there’ll be another shot for casinos in Manhattan or otherwise to come into play.”

The New York State Gaming Facility Location Board is scheduled to announce the winners of the licenses on December 1st and fully award them on December 31, 2025.