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Tag: mid-atlantic

  • Times Square Casino Hopes Not Entirely Dead, Says SL Green

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    Posted on: October 16, 2025, 07:17h. 

    Last updated on: October 16, 2025, 07:17h.

    • Times Square casino plan was first in New York rejected by a CAC
    • SL Green CEO says it’s not “completely dead”

    Caesars Palace Times Square was the first of the New York City casino proposals to be rejected by a community advisory committee (CAC), signaling appetite for a gaming venue in Manhattan may be limited, but it’s possible the plan isn’t entirely six feet under.

    Caesars Palace Times Square Broadway jobs
    Crowds in Times Square. SL Green said hopes of bringing a casino there aren’t completely dead. (Image: Shutterstock)

    Marc Holiday, chairman and chief executive officer of SL Green (NYSE: SLG), said on that company’s third-quarter earnings conference call earlier today that the plan to bring a casino hotel to 1515 Broadway isn’t entirely in the grave.

    No, I don’t think, by any means, it’s to use your term completely dead,” said Green in response to a question from Bank of Montreal analyst John Kim. “I think the whole process and the outcome is still unknown. How many bidders will there be? How many licenses will be awarded — and whether, if any are held back, there’ll be another shot for casinos in Manhattan or otherwise to come into play.”

    SL Green owns the building at 1515 Broadway and is the real estate partner of Caesars Entertainment (NASDAQ: CZR) and Jay-Z’s Roc Nation. The consortium proposed a $5.4 billion gaming venue in the heart of Manhattan aimed at creating jobs and rejuvenating the theater district.

    Hope Burns Eternal for Times Square Casino

    With Tuesday’s surprise news that MGM Resorts International (NYSE: MGM) is abandoning its quest to land a permit to convert Empire City Casino in Yonkers to a Las Vegas-style gaming venue, the downstate casino competition has been pared to three contenders.

    That rapid attrition has stoked speculation, albeit faint, that the New York Gaming Facility Location Board (NYGFLB) might not award all three licenses or that the regulator could override the votes of Manhattan CACs to resuscitate efforts to bring a casino hotel to that borough. Caesars Palace Times Square was one of several Manhattan casino proposals that were rejected and none of the three remaining bids are in that borough.

    Green believes Manhattan should be home to at least one casino, though many locals beg to differ, adding that Times Square was the ideal location for a new gaming venue.

    “There should be at least one casino in Manhattan. I think that’s obvious and Times Square was the exact right location, but the process was designed to make that impossible, at least for the time being,” said the SL Green CEO on the conference call.

    SL Green Evaluation All Options

    Green acknowledged the REIT is “keeping alive a hope for the future of a possible casino if a license remains available”, but made clear the company is open to all options for 1515 Broadway, gaming venue or otherwise.

    It’s prime real estate and the primary tenant is CBS, which is being financially bolstered via an acquisition by Skydance, and Green noted the building could seamlessly convert to a hotel/leisure destination if that’s in the cards down the road.

    “The beautiful thing is right now we’ve got so much flexibility because our debt per square foot is, I think, like $3.75 a foot or thereabouts. So we have complete financial flexibility,” he told analysts. “The buildings net leased through, I think, the middle of 2031 and the cash flow is significant from the property. And that’s a good scenario for us to sort of look at all options, commence multiple negotiations and try and end up in the best place.”

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    Todd Shriber

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  • MGM Departure Stokes Concern on Resorts World New York Outlook

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    Posted on: October 15, 2025, 08:24h. 

    Last updated on: October 15, 2025, 08:24h.

    • MGM departure raises worries about returns on Resorts World New York
    • Operator Genting already dealing with tepid performance at other North American gaming venues
    • Genting New York proposal includes some of industry’s highest tax rates

    MGM Resorts International (NYSE: MGM) rocked the gaming world Tuesday, announcing it’s bowing out of the New York City casino race and that’s raising concerns about the financial outlook for Resorts World New York in Queens.

    Resorts World New York City Genting
    A rendering of Resorts World New York City should it receive one of the three downstate New York casino licenses. Following MGM’s departure from the competition, there are concerns about RWNY’s proposal. (Image: Resorts World New York City)

    Like MGM’s Empire City Casino in Yonkers was, the Genting-operated slots-only establishment is widely viewed as one of the frontrunners to land one of the three downstate permits. Still, analysts wonder if MGM’s departure from the competition signals that New York City-area casino licenses aren’t all they’re cracked up to be. They argue it’s a consideration Genting can’t overlook because the Malaysian company already owns a collection of scuffling North American properties.

    Given that some of Genting Malaysia’s Resorts World assets like Resorts World Catskills, Resorts World Bahamas and Resorts World Las Vegas also have sub-par returns, one might also question the economics of a multi-billion dollar potential Resorts World NYC expansion,” observes Nomura analyst Tushar Mohata.

    Genting has said that if it’s granted one of the three downstate permits, it will invest $5.5 billion in converting its Queens property to a Las Vegas-style casino, not including $2 billion in community perks. That’s significantly more than the company spent to build Resorts World Las Vegas.

    Genting Agreeing to ‘Aggressive’ Terms

    Among the reasons cited by MGM in its decision to withdraw from the New York competition were potentially unfavorable economics and a licensing term that was slashed to 15 years from 30.

    That was licensing term was based on expectations of winning bidders shelling out $500 million for the permits. On that basis, Nomura calls Genting’s bid aggressive because it adds 20% to figure while proposing some of the highest tax rates in the US casino industry.

    Genting’s supplemental bid “revealed aggressive terms, including a US$600 million license fee (versus the minimum requirement of US$500 million) and industry-leading tax rates of 56% on slots and 30% on tables. These rates significantly exceed those proposed by the other candidates,” adds Nomura’s Mohata.

    In essence, Genting is volunteering to pay a higher licensing fee and elevated taxes despite not being prodded by New York regulators and as MGM questions the economic viability of such expenditures given the intensity of competition in New York.

    Genting Has Geographic Considerations, Too

    MGM also noted the geographic element in the New York casino competition and that’s relevant to Genting because the proposed $8 billion Metropolitan Park bid led by New York Mets owner Steve Cohen and Hard Rock International would be located just 10 miles away from Resorts World New York.

    Metropolitan Park is one of three remaining bids and is considered a near lock to win one of the licenses. Mohata said that venue, if it comes to life, could cannibalize Resorts World New York.

    “The full project return on invested capital impact will not be clear for several years given the staged nature of the capital deployment,” concludes the analyst. “Genting Malaysia’s phased development approach should better its capital management and help to mitigate risks.”

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    Todd Shriber

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  • Do you have large, thick webs on your trees? They could be from fall webworms – WTOP News

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    It’s webworm season. The squirmy bugs are actually caterpillars and they can create some sticky situations in area trees.

    It’s webworm season. The squirmy bugs are actually caterpillars and they can create some sticky situations in area trees.

    “They develop this web around them to protect them from the birds,” Lou Meyer, a certified arborist for the The Davey Tree Expert Company, said.

    He said while webworms are caterpillars and not worms, the “web” part of their name definitely describes them.

    “Looks like giant spider webs, and you’ll notice that some of the leaves are gone, and that’s where the web worms are feeding on those leaves,” he said. “The webs themselves are this really high tensile strength web. It’s kind of hard to break them.”

    And those webs can get rather large.

    Fall webworm in Woodbridge, Virginia.
    (Courtesy Judy Gallagher)

    Courtesy Judy Gallagher

    Webworms
    An infestation of fall webworms in Boyds, Maryland.
    (Courtesy Sue Ann)

    Courtesy Sue Ann

    webs on bush
    The webs from fall webworms.
    (Courtesy Ryan Hodnett/Creative Commons)

    Courtesy Ryan Hodnett/Creative Commons

    “I’ve seen them as big as, you know, 2 feet long by 2 feet wide. So they’re pretty darn big,” he said.

    They are native to the mid-Atlantic region and show up in late August or September.

    “They feed on over 100 species of trees, so they’re prolific throughout the area,” he said.

    While they can be an eyesore to some, he said they are harmless.

    “They are not damaging the tree to any degree that we would be concerned,” he said.

    So how do you clear them up if you want them gone?

    “If you really want to manage them, you can prune out those webs when you see them,” he said. “If they’re really high up, if you can reach them with a pole, pruner, that’s fine, clip them right out and then dispose of that.”

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    Valerie Bonk

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