Caesars and developer SL Green pitch Times Square casino plan

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  • Caesars Entertainment and developer SL Green have announced a joint bid to build a casino located in Times Square in New York.
  • The proposed casino will be named Caesars Palace Times Square.
  • The application faces competition from other real estate and gambling giants.

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Developer SL Green Realty works with the casino operator Caesar Entertainment a proposal to open a casino in New York’s Times Square was announced by the companies on Thursday.

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The partners said the proposed project would involve the redevelopment of the 1515 Broadway Times Square building into Caesars Palace Times Square, which will house a Broadway theater featuring The Lion King and other entertainment attractions.

They also promised that the construction would “accelerate the economic recovery of neighboring businesses” in Times Square, as well as “create well-paying union jobs for New Yorkers.”

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In April, New York State approved up to three full-service casinos for downstate New York, with two licenses likely to be transferred to existing casino operators – the Casino at Resorts World Racetrack in Queens and the Empire City Casino at Yonkers Speedway , north of the highway. Bronx.

Now the competition for the third license Caesar is aiming for is heating up amid a public bid for a casino in nearby Hudson Yards from related companies and Wynn Resorts.

“We believe that Times Square offers the best location for a new casino resort that can attract tourists and benefit local businesses. Our approach ensures that underrepresented communities benefit from both employment and investment opportunities,” said Mark Holliday, CEO of S.L. Green, in statement.

Holliday added that because the project would be a renovation rather than new construction, the opening could happen faster than other proposed properties and without changes to the law or disruption of local communities.

In 2013, New York voters approved a constitutional amendment that granted the state seven full-blown casino licenses, four of which were awarded to upstate regions and the remaining three to the New York area. The approval process is expected to be lengthy and costly, with each license costing at least $500 million.

SL Green and Caesars Entertainment have stated that Caesars Palace Times Square will be 100% privately funded, with Caesars managing the casino operations and brand.

Credit: www.cnbc.com /

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