SL Green’s Holliday Up For $10M Bonus For Casino Bid

Marc Holliday has millions of reasons to go all-in on SL Green’s casino push in Times Square.

The real estate investment trust’s chairperson stands to be awarded $10 million if SL Green converts 1515 Broadway into a casino, according to a company regulatory filing. The one-time cash bonus will be awarded when a projected EBITDA milestone is reached and the completed project sports an operating revenue.

This would represent Holliday’s first cash bonus since 2015; he earned $18.5 million in 2023, mostly in the form of company shares. SL Green also disclosed an extension for Holliday into July 2028. The agreement kicks in two weeks from Saturday.

In a statement to Crain’s, an SL Green spokesperson said, “SL Green is a New York City company that succeeds when this city succeeds, and Caesars Palace Times Square would be a massive win for the city, for Times Square, and for our company and its shareholders.”

SL Green’s “massive win” could start to take shape this year. Applications for casino bids are due in June and a decision about three downstate gaming licenses could be made by the end of the year.

The office landlord is facing fierce competition, however, from the likes of Related, Silverstein Properties, New York Mets owner Steve Cohen and more. SL Green partnered with Caesars and Jay-Z’s Roc Nation on its $4 billion proposal.

There was also a recent whiff of debt concerns at 1515 Broadway. A loan tied to the office tower hit special servicing last month, though SL Green was quickly able to secure an extension and modification of the $743 million loan. The interest rate remained the same, while the maturity date was pushed back to March 2028.

The disclosure of the big bonus comes only months after shareholders pushed back against Holliday’s compensation package. Two boardroom election advisers railed against Holliday’s 2023 pay and 36 percent of shareholders voted against Holliday’s pay package last year, failing to sway the company’s board.

Ultimately, 66 percent of shareholders approved Holliday’s compensation in a June vote.