SL Green CEO Marc Holiday could receive a $10 million bonus if regulators approve the proposed Times Square casino project, according to a recent SEC filing. The bonus is contingent on the successful conversion of 1515 Broadway into a hotel/casino and meeting specific EBITDA milestones.

The proposed $4 billion casino project is a collaboration between Caesars Entertainment, Jay-Z's Roc Nation entertainment agency, and SL Green. The gaming venue would occupy the current Miskoff Theater space, home to "The Lion King."

SL Green is currently seeking an extension on a $743 million defaulted loan for the property, due in March. Experts believe the extension will likely be granted due to high occupancy rates and reliable rent collection from CBS News, the primary tenant.

The development group has committed $250 million for community investments, including environmental improvements, sanitation, and support for local small businesses in the theatre district.

Competition for the downstate casino licenses is fierce, with approximately ten groups vying for potentially just one remaining permit. Industry observers speculate that MGM Resorts International's Empire City and Resorts World New York may secure two of the three available licenses.

The Times Square casino proposal has drawn mixed reactions from the community, with opposition primarily focused on location concerns rather than opposition to gaming expansion in New York City. The New York Gaming Commission will make the final decision on license awards, expected later this year.

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