The Shubert Organization Expresses Disapproval Toward the Proposed Times Square Casino Scheme
Updated on: November 14, 2022, 4:14h.
Todd Shriber
@etfgodfather
Todd Shriber@etfgodfather
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Financial Expertise
Financial,
As more discussions emerge regarding the potential construction of a casino in Times Square, New York, the prominent Broadway company, Shubert Organization, undoubtedly voices its opposition to the plan.
Gaming Business,
Shaping up at Times Square
Mergers and Acquisitions.
In the heart of the city, SL Green and Caesars Entertainment, the operator of Harrah’s, presented a proposal for a casino in the renowned Broadway district, causing ripples in the Gaming-Business industry. While this plan gained support from different corners, including Actors Equity and former Police Commissioner Bill Bratton, a few key players, like the Shubert Organization, remain staunchly opposed to the project.
Shubert Criticism and Alternative Options
In a recent podcast, Shubert Real Estate VP Julio Peterson voiced the organization's concerns, stating the casino would be "disruptive to theatergoers" and insisting that modifying the prominent district is not the best option. Nonetheless, Peterson argued that the Shubert Organization was not opposed to New York City having a casino but merely preferred a different location.
Beyond Times Square
joins the Broadway League in opposing a proposal floated 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 the Harrah’s operator unveiled the pitch last month.
As New York City is anticipating the approval of a third gaming venue, several alternatives for a new casino surfaced. Wynn Resorts and REIT Related Companies partner on a Hudson Yards catering to gaming-enthusiasts. Meanwhile, Las Vegas Sands considers an integrated resort at the challenging plot near Citi Field in Queens. Lastly, Bally’s and Hard Rock International show a potential interest in New York City's casino scene, leaving many possibilities on the table.
those venues to become full-service casinos with table games and retail sportsbooks and provide a third license for a yet-to-be-determined operator.
Times Square Casino: Unveiled in the Future
a gaming venue in Manhattan, meaning that if a third New York gaming license is awarded, that winning company may have to consider another borough.
Although SL Green has yet to release much information about the proposed casino, details are expected to unfold in the upcoming months. Should this project move forward, temporaries anticipate a boutique-style casino with high-end dining and a luxury resort.
land near Citi Field in Queens. Bally’s and Hard Rock International are also said to be interested in a New York casino hotel, though the former is focusing on its Chicago project over the near term.
In light of the rising competition, the six-member panel overseeing the bidding process hopes to address each prospective operator's proposal with four affirmative votes to advance. As the Shubert Organization opposes the Times Square casino development, it remains to be seen whether the proposal will meet the needed approval and make its way to the forefront.
Enrichment Data:
Argument for a Casino in Times Square:
- Socioeconomic growth: A casino could potentially stimulate economic growth, generate revenue, create jobs, and drive foot traffic to other businesses within the Times Square area.
- Increased tourism and entertainment: A casino could enhance Times Square's reputation as a diverse and entertaining destination, drawing in more visitors from around the globe.
Opposing viewpoints for a Casino in Times Square:
- Community concerns: Residents and businesses become wary of an increased crime rate, traffic, and negative employee and visitor behavior. In turn, these concerns reinforce existing fears of sociocultural homogenization and gentrification in New York City.
- Educational influences: Some educators and parents voice concerns about the potential negative impact on young people due to proximity to the casino, specifically in terms of behavioral and academic performance.
- Strain on community infrastructure: The rise in tourism could place immense strain on the existing transportation and public safety infrastructure of Times Square, exacerbating existing congestion and pushing toward overcapacity.
The Shubert Organization, expressed its opposition to the casino proposal by SL Green and Caesars Entertainment in Times Square, stating that it would be disruptive to theatergoers. In the podcast, Shubert Real Estate VP Julio Peterson also mentioned that the organization was not opposed to New York City having a casino but preferred a different location. The news about the Shubert Organization's stance against the Times Square casino was covered by financial expert Todd Shriber on his news panel.