SL Green Can Meet Enviro Review Deadline for Times Square Casino

Posted on: April 14, 2025, 08:27h. 

Last updated on: April 15, 2025, 09:58h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • Developer commented after reports surfaced to the contrary
  • Two other New York City casino bids could be hampered by slow environmental reviews

Real estate developer SL Green said it will be able to meet the deadline for an environmental review for a proposed Times Square casino hotel, indicating the bid won’t be jeopardized.

New York Casino
Times Square in New York City. SL Green says it will be able to meet an environmental review deadline for a proposed casino there. (Image: Food & Wine)

The company made comments to that effect after multiple press reports surfaced Monday indicating that three New York City-area casino proposals, including the Times Square pitch, could be disqualified for not meeting deadlines under the State Environmental Quality Review Act (SEQRA).

We are not concerned about the ability to meet the SEQRA deadline and look forward to submitting our bid,” a spokesperson for SL Green said in a statement. “We’re confident the state can meet the deadline as well. Any further delay would be unwarranted.”

New York regulators are going to award three downstate casino permits and bidders must submit applications by June 27, meaning they must have environmental and related issues taken care of before that date or risk seeing their proposals rejected.

Enviro Reviews Could Trim NYC Casino Field

In addition to the refuted rumor about the SEQRA fate of the Times Square casino proposal, media reports indicate the Soloviev Group, which is aiming to build a gaming venue on the East Side of New York City’s Manhattan, and Silverstein Properties (Hudson Yards) could succumb to SEQRA disqualification. Those two parties haven’t commented on the matter.

Should that happen — and it’s not clear that it will — it would pare the field of New York City casino competitors to eight from 10. That roster fell to 10 from 11 when Saks Fifth Avenue said last week it’s abandoning a plan that included building a gaming venue at its iconic Manhattan department store.

For its part, SL Green is partnering with Caesars Entertainment and Jay-Z’s Roc Nation entertainment agency on a proposed $4 billion casino hotel at 1515 Broadway. The real estate developer has also pledged $250 million in community investments should Caesars Palace Times Square become a reality. Those expenditures could include environmental and sanitation investments as well as allocations to small businesses in the theatre district.

As is the case with nearly all of the New York City casino pitches, there is opposition to the Times Square effort, but most of it is the result of concerns for local businesses and the theater community, not SEQRA issues.

Not All Bids Need Gaming Commission SEQRA Review

At issue for SL Green, Silverstein Properties, and Soloviev is that they’re among the contenders that need the New York State Gaming Commission (NYSGC) to conduct environmental reviews pertaining to their proposals. That’s not the case with all of the 10 remaining bids.

Critics assert that the process of awarding the downstate licenses is already taking too long and that the NYSGC is dragging its feet on the environmental reviews. Conversely, there’s a school of thought that the regulator is out of its element when it comes to environmental issues.

Still, bidders that are behind on SEQRA issues need to ameliorate that scenario because competitors such as Las Vegas Sands, Steve Cohen/Hard Rock, and Related/Wynn have their environmental review houses in order.