Caesars Palace Times Square
Developer SL Green Realty and casino operator Caesars Entertainment are working on a bid to bring a casino to New York’s Times Square. The partners said the proposed project would redevelop Times Square building 1515 Broadway into Caesars Palace Times Square, which will include a Broadway theater that will be home to “The Lion King” and other entertainment attractions.
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 the Caesars Rewards program, 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, driving more tourists to area businesses and creating thousands of direct and indirect jobs in and around Times Square.
Earlier this year, New York state approved up to three full-service casinos for the downstate New York area. Two licenses will likely go to existing casino operators, Resorts World racetrack casino in Queens and the Empire City Casino at Yonkers Raceway. Caesars is looking to grab that third license.
SL Green and Caesars are also proposing significant security and traffic improvements as part of their proposal, which would boost Mayor Adams and the NYPD’s efforts in Times Square. 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 the largest North American gaming operator with more than 50 casino properties across its portfolio, retail and/or mobile sports betting in 27 jurisdictions, and iGaming in five jurisdictions. Caesars Palace Times Square would be 100% privately funded.
