Caesars unveils its Times Square casino project

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Times Square may look a little more like Las Vegas in this decade.

On Thursday, October 20, Caesars Entertainment, in partnership with SL Green Realty Corp, announced a partnership to redevelop the 54-story office tower at 1515 Broadway in the heart of Times Square. It’s true, the world famous casino wants to establish itself at the crossroads of the world.

“Caesars is thrilled to partner with SL Green on a five-star project that will meet and exceed New Yorkers’ expectations for world-class entertainment, immediately enhancing New York’s tourism engine and elevating this project. one-of-a-kind global destination to new heights,” said Tom Reeg, CEO of Caesars. “As one of New York’s largest mobile sportsbookmakers, Caesars is passionate about New York City itself. deeply invested in New York restaurant groups, chefs and artists from across the Empire State.

Why? Money, for starters. Caesars Palace Times Square could provide billions in tax revenue to New York and the state, create thousands of jobs and theoretically be part of Mayor Adams’ economic stimulus plan that would use empty space for recreation and spending . The casino could also bring more visitors to Midtown, encouraging spending, recreation and 24-hour entertainment in the struggling neighborhood since the pandemic began.

Caesars Palace Times Square would not only be a replica of the Vegas casino, but would instead include a Broadway theater for The Lion King, plus additional entertainment, food and drink, and games in Manhattan. The proposal also includes safety and traffic updates in the area.

“We believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses. We are excited to pursue this license with Caesars and our many local partners. Our approach will ensure that communities under- represented benefit both in terms of jobs and investment opportunities,” said Marc Holliday, CEO of SL Green, in a press release. “A casino in Times Square aligns with existing uses in the neighborhood. Times Square is the center of the entertainment universe. Because we offer renovation, once licensed, we can open faster than other facilities, which require entirely new construction, changes to the law and will disrupt their local communities. »

And the developers aren’t the only ones approving this plan. Actors’ Equity said: “The developer’s proposal for a Times Square casino would be a game-changer by enhancing safety and security in the Times Square area with increased security personnel, more sanitary equipment and new cameras. We applaud the developer’s commitment to making the neighborhood safer for arts workers and spectators.

Caesars is the largest gaming operator in North America with over 50 casino properties in its portfolio. Caesars Palace Times Square will be 100% privately funded. Caesars will license its brand and manage operations under a long-term management agreement.

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