SL Green Realty Corp. and Caesars Entertainment on Thursday introduced a partnership to redevelop 1515 Broadway as a on line casino within the coronary heart of Times Square.
The on line casino venture would require successful approval from the state of New York.
“Caesars Palace Times Square will not only provide billions in tax revenue to New York City and State, it will also accelerate New York’s economic recovery through strategic partnerships with area businesses utilizing its industry-leading loyalty program,” the teams stated in a presser.
SL Green and Caesars are additionally proposing “significant security and traffic improvements as part of their [casino] proposal.”
“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,” stated 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.”
New York kicked off on-line sports activities betting in January of this yr and has seen greater than $11 billion wager on-line to-date, per state figures.
“We believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses,” stated Marc Holliday, CEO of SL Green. “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 Palace Times Square might be 100% privately funded. Caesars will license its model and handle the operations below a long-term administration contract.
SL Green Realty, Manhattan’s largest workplace landlord, is an actual property funding belief (REIT) that acquires, manages and “maximizes the value of Manhattan commercial properties.” As of Sept. 30, SL Green held pursuits in 62 buildings totaling 33.6 million sq. ft.