Sharpton Endorses SL Green’s Bid for Times Square Casino
Developer also unveils plan to let New Yorkers invest in casino project with as little as $500
By Isabelle Durso June 25, 2025 1:49 pm
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The race for New York City’s coveted casino license is heating up, with SL Green Realty possibly pulling ahead after receiving a major endorsement for its Times Square casino bid.
The Rev. Al Sharpton, a prominent figure in local New York politics, has thrown his weight behind Caesars Palace Times Square, a $4 billion proposal from SL Green, Caesars Entertainment and Jay-Z’s Roc Nation, to turn the existing office building at 1515 Broadway into a “state-of-the-art gaming and entertainment destination,” according to a Wednesday announcement.
Sharpton’s approval could have a significant political impact on the casino bid, as Sharpton is a known name in local politics and moderated an April candidate forum between Mayor Eric Adams and former Gov. Andrew Cuomo. Cuomo conceded the Democratic Party mayoral primary to Queens Assemblymember Zohran Mamdani Tuesday night.
In addition to Sharpton’s endorsement, SL Green announced Wednesday that it would pursue “a historic inclusive ownership model for U.S. gaming” at its casino in partnership with Cadre founder Ryan Williams, who conceived the plan. The model would allow local New Yorkers to participate in the project with “accessible investment opportunities” starting at $500, the announcement said.
“Thanks to the leadership and vision of Jay-Z, we believe that for the very first time our community will not only have a seat at the table but also the opportunity to have a stake in the ownership of Caesars Palace Times Square,” Sharpton said in a statement.
“A New York casino belongs in Times Square and it should be designed to benefit all New Yorkers,” Sharpton added. “That’s why I’m a supporter of Caesars Palace Times Square.”
SL Green received a three-year extension on a $742.8 million mortgage at the 54-story Times Square office tower between West 44th and West 45th streets in November, clearing the way for the developer to secure one of the city’s three gaming licenses set to be awarded this year, as Commercial Observer previously reported.
And SL Green is hoping Williams’s model to expand real estate investment opportunities and give low-income New Yorkers a chance to invest in the casino will give the project an extra boost.
“We are honored to partner with Rev. Al Sharpton and Ryan Williams to democratize our investment, providing access to families normally left out of investment opportunities,” SL Green CEO Marc Holliday said in a statement.
Williams praised Sharpton’s “extensive network and our shared dedication to economic inclusion,” and said his endorsement will help the casino supporters “move from promises to real progress, delivering tangible investor education and meaningful equity investment opportunities for everyday New Yorkers.”
If it wins a casino license, Caesars Palace Times Square would be designed with a limited number of restaurants and hotel rooms to “create excess demand for dozens of existing establishments in neighboring communities,” the announcement said.
SL Green said it already has significant support from more than 200 organizations and businesses, including the Coalition for a Better Times Square, a group of Times Square landlords who backed the proposal in December as a beneficial addition to the amenities offered in the tourist hot spot, as CO previously reported.
But SL Green’s plan has also faced some opposition, mostly from local lawmakers and a union representing Broadway theater workers, who said the proposed casino “is not good for Broadway.”
The Caesars Palace project will host a rally in Times Square on Thursday alongside local residents and business owners, just one day before the project submits its official bid proposal to the New York State Gaming Commission.
Still, SL Green has plenty of competition from other New York City developers vying for the gaming license.
That includes New York Mets owner Steve Cohen and Hard Rock International’s plan for a casino near Queens’ Citi Field; Soloviev Group and Mohegan’s Freedom Plaza project near the United Nations; Thor Equities, Saratoga Casino Holdings, the Chickasaw Nation and Legends’ casino bid in Coney Island, Brooklyn; Resorts World New York City’s goal to redevelop its Queens casino; and Silverstein Properties, Rush Street Gaming and Greenwood Gaming and Entertainment’s proposal for a gambling den on Manhattan’s Far West Side.
Isabelle Durso can be reached at idurso@commercialobserver.com.
