SL Green CEO in line for $10M bonus if Caesars Times Square casino bid succeeds

Marc Holliday, CEO of SL Green Realty Corp., could pocket a $10 million bonus if a coalition led by Caesars Entertainment wins its bid to develop a casino in Times Square. The lucrative incentive, disclosed in a recent SEC filing, underscores the high stakes in the competition for one of three downstate New York casino licenses.  

“Mr. 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,” the filing stated.  

The proposed project is a partnership between Caesars Entertainment, Roc Nation (owned by rap star Jay-Z), and SL Green Realty. With estimated costs exceeding $1 billion, including at least $500 million for licensing fees and an equal amount for development, the venture represents one of the most ambitious bids in the competition.  

However, Caesars’ coalition faces stiff competition from 10 other proposals for the coveted licenses, which represent a rare opportunity to operate in one of the world’s most populous and tourist-heavy regions. The New York State Gaming Commission has emphasized that economic development commitments will be a key factor in its decision, expected by the end of 2025.  
 
Local officials, including Manhattan Borough President Mark Levine, and several labor unions have endorsed the Times Square plan. However, opposition from civic groups and Broadway theater guilds highlights concerns over potential impacts on the area’s cultural and economic fabric. Critics argue a casino could disrupt Times Square’s ecosystem and divert audiences from Broadway theaters.  
 
Holliday’s bonus is tied to achieving critical financial and operational milestones for the project. While significant, the $10 million payout pales in comparison to the total project cost and potential returns, which could transform Times Square into a global gaming hub.  

The casino bid, along with others, is set to shape the future of New York's gambling landscape as stakeholders await the Gaming Commission’s decision.