Oaktree Solutions will work with SL Green, New York City’s largest commercial landlord, to assist its bid for a license to open the city’s first casino in Times Square, reported Politico on February 21, 2023.
The real estate giant specifically sought out Oaktree’s founder, Frank Carone, to help with the project. According to Carone, he will “help create a diversified community engagement hiring plan as part of the proposal for a Times Square gaming destination.”
SL Green plans to partner with Caesars Entertainment and Jay-Z’s Roc Nation on the project.
Carone has pledged not to lobby the administration of Mayor Eric Adams, where he formerly served as chief of staff, for this project—which he is legally barred from doing in any case. In addition to developing a hiring plan, Oaktree will help SL Green navigate the casino application process and form important relationships to enable its success.
“We are very excited to be working with Frank to ensure that Caesars Palace Times Square maximizes job opportunities for under-represented communities across all five boroughs of New York City,” bid representative Jeremy Soffin of BerlinRosen told Politico.
Last year, the New York State legislature authorized licenses for three casinos to be built in the downstate region, which includes New York City. Since then casino operators have eagerly pursued a chance to set up shop in what promises to be a highly lucrative location.
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