Caesars Wants to Open a Casino in New York’s Times Square
SL Green Realty and Caesars Entertainment have announced a partnership for a bid to redevelop 1515 Broadway as a premiere entertainment and gaming destination in the heart of Times Square, one of the most visited destinations in the world.
The two companies said that Caesars Palace Times Square will not only provide billions in tax revenue to New York City and State, it will also accelerate New York’s economic recovery through strategic partnerships with area businesses utilizing its loyalty program Caesars Rewards, home to more than 65 million members. Caesars Rewards members will be able to use credits at Broadway shows, local hotels, restaurants, retail stores, comedy clubs, entertainment venues, and more.
Earlier this year, New York state approved up to three full-service casinos for the downstate New York area, after a statewide vote almost 10 years ago. Two licenses will likely go to existing casino operators, the Resorts World Casino in Queens and the Empire City Casino at Yonkers Raceway. Caesars Entertainment and SL Green Realty are looking to get that third license.
The two companies are also proposing significant improvements for the area as part of their proposal. These efforts will make visitors feel safer, improve mass transit, encourage pedestrian travel, and mitigate vehicle congestion in the area, pursuant to a proposed traffic plan to be included as part of the project.
“We believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses. We’re excited to pursue this license with Caesars and our many local partners. Our approach will ensure that under-represented communities benefit both in terms of employment and investment opportunities,” said Marc Holliday, CEO of SL Green. “A casino in Times Square is in keeping with existing uses in the area. Times Square is the center of the entertainment universe. Because we are proposing a renovation, once the license is issued, we can open quicker than other facilities, which require entirely new construction, changes in law, and will be disruptive to their local communities.”
“Caesars is thrilled to partner with SL Green in connection with a five-star project that will meet and exceed New Yorkers’ expectations for world-class entertainment, immediately enhancing New York City’s tourism engine and elevating this one-of-a-kind global destination to new heights,” said Tom Reeg, CEO of Caesars. “As one of the largest mobile sports books in New York, Caesars is passionate about New York itself. Caesars is also deeply invested in New York-based restaurant groups, chefs, and entertainers from across the Empire State.”
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