SL Green's CEO Marc Holiday stands to receive a $10 million bonus if the proposed Times Square casino project receives regulatory approval, according to a recent SEC filing. The bonus is contingent upon the successful conversion of 1515 Broadway into a hotel/casino and meeting specific EBITDA milestones.

The consortium, comprising Caesars Entertainment, Jay-Z's Roc Nation, and SL Green, has proposed a $4 billion casino hotel project at 1515 Broadway. The gaming venue would replace the current Miskoff Theater, home to "The Lion King."

Key project details include:

• $250 million pledged for community investments
• Environmental and sanitation improvements
• Support for local theater district businesses
• The venue would be operated by Caesars Entertainment

The project faces significant competition for one of three downstate casino licenses to be awarded by the New York Gaming Commission (NYGC). Industry observers expect MGM Resorts International's Empire City and Resorts World New York to secure two licenses, leaving approximately eight groups competing for the final permit.

SL Green is currently managing a $743 million loan default for the 1515 Broadway property, due in March. Experts anticipate a successful loan extension due to high occupancy rates and reliable rent collection from primary tenant CBS News.

The Times Square casino proposal has generated mixed reactions, with opposition primarily focused on location concerns rather than general casino expansion in New York City. Local community members and businesses remain divided on the project's potential impact on the historic theater district.

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