Developer SL Green, vying to win approval for a casino in Times Square, is offering an unusual incentive to nearby residents: a cut of the action.

The developer has offered tenants of nearby Manhattan Plaza, iconic residential towers with deep ties in the local theater and arts scene, some $22 million in benefits. The housing development, which includes a large number of designated affordable units, would also get 0.5% of casino profits in perpetuity, according to the proposal filed with the state.

The Caesars Palace Times Square project, proposed for 1515 Broadway, is one of eight vying for a gaming license from the state, which is scheduled to award three downstate licenses by the end of the year. All proposals are currently being reviewed by their own respective community advisory com

See Full Page