Caesars Entertainment Announces Plan For Times Square Casino
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SL Green Realty Corp. and Caesars Entertainment on Thursday announced a partnership to redevelop 1515 Broadway as a casino in the heart of Times Square.
The casino project would require winning approval from the state of New York.
“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 industry-leading loyalty program,” the groups said in a presser.
SL Green and Caesars are also proposing “significant security and traffic improvements as part of their [casino] proposal.”
“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 sportsbooks 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.”
New York kicked off online sports betting in January of this year and has seen more than $11 billion bet online to-date, per state figures.
“We believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses,” said Marc Holliday, CEO of SL Green. “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.”
“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 Palace Times Square will be 100% privately funded. Caesars will license its brand and manage the operations under a long-term management contract.
SL Green Realty, Manhattan’s largest office landlord, is a real estate investment trust (REIT) that acquires, manages and “maximizes the value of Manhattan commercial properties.” As of Sept. 30, SL Green held interests in 62 buildings totaling 33.6 million square feet.
