SL Green CEO Marc Holiday could receive a $10 million bonus if the proposed Times Square casino project receives approval from New York regulators. The bonus details were revealed in a recent SEC filing by the real estate investment trust.

The casino project, valued at $4 billion, would be operated by Caesars Entertainment at 1515 Broadway, with Jay-Z's Roc Nation entertainment agency as a partner. The gaming venue would replace the current Miskoff Theater, 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 to community investments, including environmental improvements, sanitation, and support for local small businesses in the theatre district.

The project's success depends on the New York Gaming Commission's decision regarding three downstate casino permits. MGM Resorts International's Empire City and Resorts World New York are widely speculated to secure two licenses, leaving Caesars and SL Green competing with approximately eight other groups for the final permit.

The Times Square casino proposal has generated mixed reactions, with opposition primarily focused on location concerns rather than opposition to casino development in New York City generally. Many critics express "not in my backyard" sentiments regarding a gaming establishment in the theater district.

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