Broadway theater owner speaks out against Manhattan casino plan

In October, gambling giants Caesars Entertainment and Real Estate Investment Trust announced their intention to own a casino property in Times Square, Manhattan. However, not everyone in the region supports the bid. Most recently, for example, Schubert Organization, Broadway's largest theater owner, said he didn't like the idea of owning a casino in the area.

Theater owners are not the first local organization to oppose casino attraction. Previously, the Broadway League, an organization of more than 700 people made up of theater owners, operators, producers, and general managers, argued that a potential casino would be detrimental to the region. This is not good news for the Union, which needs local support to be selected.

Julio Peterson, vice president of Schubert Real Estate, recently spoke about the topic on a podcast by Spencer Levy, chief economic adviser at CRBE. He shared that he wasn't against commercial casinos in New York City, but he didn't want one in Times Square. He noted that the company wants to protect the region and think about Broadway's future sustainability without getting lost in immediate gratification.

Meanwhile, there are also those who support the Times Square casino proposal. One such supporter is Actors Equity, a trade union representing theatre actors and stage managers. In addition, Bill Bratton, a former police chief, and restaurant owners in the theater area also supported the project because it means that the restaurants will have increased customers.

It should be noted that SL Green and Caesars Entertainment, in addition to additional local support, will have to deal with fierce competition to get full-fledged casino licenses. Currently, Resorts World New York City and Empire City casinos are always firmly committed to winning two of these licenses, with the rest of the candidates fighting to win one.

Some of the other applicants include Wynn Resorts, which has teamed up for a casino property in Hudson Yards, and a related company. There have also been reports of real estate development and management company Thor Equity, which is looking to submit casino real estate offers to Coney Island. Barley Corporation (Hard Rock), Las Vegas Sands and Rush Street Gaming are also among the stakeholders.

Once the casino bid has the full support of the community, it must also be approved by the Gaming Facilities Location Board. The panel was introduced in October by the state responsible for seating with organizers of up to three Downstate casinos. The licenses are not expected to arrive before 2023, and a competitive application process will begin soon.

The board must determine the fee for the license, which can be more than US$500 million. Candidates must include the revenue impact in their application and pay an application fee of $1 million.

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