A proposed Caesars Palace casino in Times Square, backed by Jay-Z, has had its bid for a lucrative New York City gambling license rejected following fierce opposition from Broadway theatre owners and producers.
The state-commissioned community advisory committee turned down the $5.4 billion plan, which sought to transform an office tower into a Caesars-branded hotel, gambling, and entertainment complex.
Concerns centred on the potential impact on the vibrant theatre district. Marc Holliday, CEO of SL Green, the project’s primary developer and property owner, strongly criticised the decision after a brief vote in a conference room overlooking Times Square…