Caesars Entertainment said it has teamed up with property developer SL Green Realty Corp. to pursue a license for a casino in New York’s Times Square.
The companies said they would redevelop 1515 Broadway into a premier entertainment and gaming destination that would provide “billions in revenue” to both the city and the state.
Caesars Palace Times Square will be designed to include a Broadway Theater for The Lion King. The five-star development would also include measures to improve traffic and security in the zone.
“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,” said Marc Holliday, CEO of SL Green.
“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.”
The companies gave no financial details of the project, but said it would be 100 percent privately funded.
The New York Gaming Commission earlier this month approved the appointment for the first three members of the Gaming Facility Location Board, which will oversee the process for the three casino licenses in the downstate region.
Each license will cost at least $500 million and competition is expected to be tough. Wynn Resorts, Bally’s, Las Vegas Sands, MGM Resorts and Genting are all in the running.
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