Caesars Details Bid For New York Casino License

Caesars Entertainment aims to build a new casino in New York City‘s Times Square should the state grant it a license to do so. Caesars also shared other details about its prospective bid for a New York casino license on Thursday.

In partnership with SL Green Realty, the US operator plans to redevelop 1515 Broadway as a premiere entertainment and gaming destination in the heart of Times Square. Apart from the gaming venue, Caesars‘ New York City casino will also include a Broadway theatre and restaurants.

Tom Reeg, CEO of Caesars said in a press release issued today:

“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. As one of the largest mobile sports books in New York, Caesars is passionate about New York itself. Caesars is also deeply invested in Ne
w York-based restaurant groups, chefs, and entertainers from across the Empire State.”

Caesars Palace Times Square will be 100% privately funded. The US online gambling giant will license its brand and manage the operations under a long-term management contract.

New York casino boosting Times Square economy

Caesars Palace Times Square will not only bring billions in tax revenue to New York City and the state but also increase New York’s economic recovery through partnerships with area businesses. In order to do so, though, Caesars will have to convince regulators in the state to give it one of three downstate casino licenses.

The Gaming Facility Location Board making decisions on those licenses plans to issue a request for applications no later than Jan. 6, 2023. Caesars will be just one of several bidders on those licenses. Other known interested parties include:

• Bally’s
• MGM Resorts
• Resorts World
• Sands Corp.
• Thor Equities
• Wynn Resorts

Caesars would also utilize its industry-leading loyalty program Caesars Rewards, home to more than 65 million members. Loyal customers will be able to use credits at Broadway shows, local hotels, restaurants, retail stores, comedy clubs, entertainment venues, and more. In doing so, Caesars hopes its new New York casino would drive more tourists to area businesses and create thousands of direct and indirect jobs in and around Times Square as it wants to host stage productions of “The Lion King.”

Marc Holliday, CEO of SL Green said:

“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.

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 would invest in public safety

In addition to economic benefits, SL Green and Caesars are proposing security and traffic improvements within their project proposal, which would support Mayor Adams and the NYPD’s efforts in Times Square. These include improving mass transit, encouraging pedestrian travel, and mitigating vehicle congestion in the area, per a proposed traffic plan to be included as part of the project.

As former New York City Police Commissioner William Bratton explained:

“We know how to bring crime rates down in Times Square because we’ve done it before. With better security infrastructure and 24/7 monitoring, we can anticipate and prevent crime – we just need the financial and political willpower to do so.

SL Green and Caesars’ proposal for Times Square goes beyond routine, in-house security and would invest millions in a new public-private safety initiative. This investment will ensure Times Square is safe for years to come.”