Entertainment <\/p>\n
Nearly a dozen gaming and entertainment operators are hoping to win one of three new downstate New York casino licenses<\/strong>. The process, which has been ongoing for several years, enters a key phase in 2025, considering that the winning bidders are expected to be announced by the end of the year<\/strong>. While bidders hold their breath for the announcement of the New York State Gaming Commission<\/strong>, competition remains fierce as a downstate casino license represents a unique opportunity.<\/p>\n The recognizable hospitality and gaming company, Caesars Entertainment<\/strong>, in collaboration with Jay-Z<\/strong>-owned Roc Nation<\/strong> and SL Green Realty Corp<\/strong>. is one of the coalitions that hopes to win a casino license. With the bidding process expected to officially roll out at some point this year<\/strong>, if Caesars\u2019 proposal<\/a> for a New York City\u2019s Times Square casino is successful, the operator\u2019s real estate partner\u2019s CEO stands to receive a hefty bonus<\/strong>.<\/p>\n This is evident based on a Form 8-K filing with the US Securities and Exchange Commission<\/strong> by SL Green. The filing uncovers details regarding the remuneration of the company\u2019s CEO, Marc Holliday<\/strong>. Per the filing, the executive\u2019s term as CEO and chairman was extended for three and a half years through July 18, 2028<\/strong>.<\/p>\n Notably, the SEC filing confirms that Holliday is set to receive a significant bonus<\/strong> contingent on the success of the planned Times Square casino. Overall, the executive is expected to benefit from a $10 million bonus<\/strong>, provided that the project led by Caesars, SL Green and Roc Nation is completed<\/strong>. According to the announcement, this bonus would be in addition to Holiday\u2019s basic salary of $1.4 million<\/strong> per year, as well as various bonuses<\/strong>.<\/p>\n \u201cMr. Holliday will receive a one-time cash bonus in an amount equal to $10,000,000, in the event that the building at 1515 Broadway, New York, New York is converted into a hotel\/casino, subject to satisfaction of a projected EBITDA milestone and commencement of operating revenue from the completed project,<\/em>\u201c<\/p>\n reads the Form 8-K filing with the US Securities and Exchange Commission<\/cite><\/p><\/blockquote>\n The size of the bonus that Holiday will receive if the Times Square casino project is successful, can be compared to life-changing prizes from the lottery<\/strong>. Undoubtedly, the $10 million bonus also signals the importance of this project for the entire coalition<\/strong>.<\/p>\n However, it pales in comparison to the cost of the project itself<\/strong>, which is expected to surpass $1 billion<\/strong>. Licensing alone is likely to be in the realm of $500 million<\/strong>, if not more, while approximately $500 million<\/strong> or more is expected to be dedicated to the development of the casino.<\/p>\n An important factor that would decide the success of the bids is the investment in community programs. Last year, Caesars, SL Green and Roc Nation confirmed that their casino bid<\/a> is expected to include a $250 million grant commitment to Hell\u2019s Kitchen<\/strong>. The immediate grant that Hell\u2019s Kitchen\u2019s community will benefit from would be $15 million<\/strong>. Still, those grants remain contingent on the success of the proposal.<\/p>\n<\/p><\/div>\nSL Green\u2019s Boss May Receive a Significant Bonus<\/h2>\n
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The Cost of the Project Is in Billions<\/h2>\n