Designed to create transformative excess demand for local hotel rooms, restaurants, retail and entertainment, CPTS will create an economic halo effect for hundreds of existing establishments in neighboring communities, driving more than US$26 billion in new spending. By adaptively re-using an existing building easily accessible by more forms of public transportation than any other bidder, CPTS takes an approach that is both the most sustainable and fastest to market.
The coalition supporting the bid now includes more than 200 organizations and businesses including local restaurants, hotels, residents, unions and Broadway stakeholders who stand to benefit from—rather than compete with—this exciting new project.
Benefits include:
- Caesars Palace Times Square is committing US$250m directly to community projects. That will include a transformative, US$81m public safety plan for the surrounding neighborhood designed by former NYPD Commissioner Bill Bratton. It also includes US$15m for a new civil rights museum spearheaded by the Civil Rights Foundation, the establishment of the Manhattan Plaza Capital Trust and US$5m to support the development of the Callen-Lorde Center for Excellence in Sexual Health.
- US$225m for Broadway: More than 835,000 additional Broadway tickets are projected to be sold annually as a result of the project’s boost to demand overall, generating US$124m in annual revenue. Additionally, Broadway workers stand to gain tremendously from direct community investment, including a US$32m investment in child care, student and medical debt assistance, and rent support for Broadway workers as well as US$20m to purchase Broadway tickets for underserved families.
- Unprecedented revenue for City and State: As the fastest-to-market new gaming proposal, Caesars Palace Times Square is projected to generate transformative economic benefits for New York City and State, with over US$7bn in direct tax and fee revenue and US$26.7bn in local economic impact in its first ten years alone.
- Thousands of direct, good-paying jobs: The project will directly support more than 3,000 construction jobs and 3,800 permanent CPTS jobs, the vast majority of which are unionized and will be filled by New Yorkers. These permanent hospitality jobs have an average compensation of approximately US$120,000 a year when factoring in tips and Caesars’ comprehensive benefits.
An economic halo effect: CPTS creates long-term demand far beyond its own supply: guests are expected to generate excess demand for more than 13 million meals annually at local restaurants, over 2,400 hotel rooms each night in surrounding hotels, and more than US$880m in incremental annual retail purchases. Through the Caesars Rewards program, over 165 local businesses have already partnered to accept rewards points to ensure the project uplifts the existing Times Square economy rather than competing with it.
- Ownership diversity: By utilizing Cadre’s unparalleled platform for reaching various individual investors at all income levels, in partnership with Rev. Al Sharpton, CPTS will empower local New York households with opportunities starting as low as US$500. Historically, real estate investment has been out of reach for low-income New Yorkers, who have been underserved from opportunities of this scale.
- By New Yorkers, for New Yorkers: CPTS is a project built by New Yorkers with deep roots in the city—led by SL Green, Manhattan’s largest office landlord; Caesars Entertainment, which operates a successful sportsbook delivering significant tax revenues in New York; Roc Nation, the global entertainment powerhouse founded in New York by Jay-Z; and Live Nation, the world’s leading live entertainment company with a longstanding presence in Times Square through existing venues.
The project is more than just a speculative venture by outsiders—it’s a seamless addition to our state’s economic and cultural engine that uplifts local businesses, honors neighborhood character, promotes diversity, and strengthens the future of Times Square for all New Yorkers.
- Commitment to responsible gaming: Caesars will bring its pioneering and well-recognized programs to mitigate problem gambling to CPTS. The programs are guided by the philosophy of ensuring that every guest enjoys their gaming experience for the right reason; to simply have fun. Caesars continues to set the standard for Responsible Gaming in the industry. CPTS goes a step further by committing to having no gaming activity on the ground floor, nor will any tables or gaming devices be visible from the street.
Key stats for Caesars Palace Times Square:
- US$5.4bn in total direct investment
- US$23.2bn+ in Gross Gaming Revenue (GGR) in the first 10 years of operation
- 3,800+ permanent jobs at CPTS, the vast majority to be filled by New Yorkers
- 3,000+ construction jobs
- US$7bn in direct tax revenue in the first 10 years of operation
- US$26.7bn in local economic activity in the first 10 years of operation
- 992 hotel rooms, 150,000+ square feet of gaming, Caesars Sportsbook at The 40/40 Club, the luxurious Qua Baths & Spa
- Restaurants from renowned chefs including Daniel Boulud, Gordon Ramsay, Bobby Flay, Melba Wilson and Lucali’s
- Reimagined and newly renovated Broadway theater
“Today’s submission represents years of hard work, partnership, and belief in New York City’s future,” said Brett Herschenfeld, Executive Vice President of SL Green Realty and project lead. “Caesars Palace Times Square is the only proposal that can be delivered quickly, is transit-accessible and sustainable while maximizing economic impact for New Yorkers. Most importantly, it’s the only one designed the New York way: prioritizing community investment and collaboration over competition in the heart of New York City. We’re proud to stand with Caesars, Roc Nation and Live Nation to deliver a world-class entertainment and gaming destination that strengthens Times Square and serves all New Yorkers.”
“Caesars Palace Times Square builds on a long history of building world-class destinations that drive tourism, create jobs, and deliver lasting value to the communities we serve,” said Thomas R. Reeg, CEO of Caesars Entertainment. “New Yorkers have the opportunity to do something truly extraordinary right in the heart of the most iconic entertainment district in the world. This proposal brings together an unmatched location, unmatched access, and unmatched team to deliver a project worthy of New York.”
“Caesars Palace Times Square is about more than gaming—it’s about investing in the soul of New York City,” said Desiree Perez, CEO of Roc Nation. “This unbeatable project will bring new energy to the heart of Manhattan while expanding opportunities for local businesses, artists, and residents. Roc Nation is proud to be part of a team that’s building something so inclusive and deeply connected to the people and our NYC community.”
Source: GMB
