The partnership will make significant investments in security, traffic, and mass transit improvements, accelerate economic recovery for surrounding businesses and create good-paying union jobs for New Yorkers.
Caesars and SL Green said they intend to redevelop 1515 Broadway, a property just off Times Square, to build Caesars Palace Times Square. Besides a casino, it will also include a Broadway theatre that will host The Lion King and restaurants.
The development will also bring Caesars Entertainment's more than 50 years of globally-recognized excellence in entertainment, food & beverage, and gaming to New York to deliver a best-in-class experience that will be authentic and complementary to the Times Square entertainment district.
“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.”
“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,” SL Green chief executive Mark Holliday said.
“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,” Holliday added.
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 will be 100% privately funded. Caesars will license its brand and manage the operations under a long-term management contract.
Source: GMB
