The operator will submit a licence application for a planned downstate casino in New York, which would be the first full casino in New York City. Other operators that have expressed interest include Las Vegas Sands, Wynn Resorts and Universal Entertainment.
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, which will host The Lion King, and restaurants.
“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 enhance New York City’s tourism engine and elevate 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.”
The two businesses said that Caesars Rewards points may be used at many shows, restaurants and shops in the area, meaning the presence of a new casino would have a major effect on the local economy.
“We believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses,” SL Green chief executive Mark Holliday said. “We’re excited to pursue this licence 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 centre 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.”