Developer eyes casino to anchor $3.2b Broadway project

Sunday 24th January 2021

The company behind a $US2.5 billion ($3.2 billion) project in Times Square is pitching a casino to anchor the development.

L&L Holding Co is exploring building a casino at 1568 Broadway, where the company is working on a mixed-use project that includes retail space, a stage for live events and a hotel, according to a person familiar with the matter.

The pitch is geared towards casino operators who may be interested in partnering on the project, the person said, asking not to be named because the matter is private.

With the pandemic hitting state and local budgets, there is momentum to expand gambling in New York in a bid to boost tax revenue. Governor Andrew Cuomo supports following in the footsteps of New Jersey and other states to allow online sports wagering.

Developers are looking to go even further, eyeing Manhattan as a lucrative market for gaming as social distancing continues to batter commercial real estate. Still, the idea of a casino in the heart of New York City would likely face long odds amid stiff political opposition.

Source
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