Nasdaq-listed casino-entertainment giant Caesars Entertainment has joined hands with Manhattan’s biggest office landlord and fully-integrated real estate investment trust SL Green Realty Corp for a new casino in Times Square. The duo anticipates that billions in tax revenue would be generated by the resort that is meant to become a premiere entertainment destination.
The Resort Will Keep Times Square Safe for Years to Come
One of the main arguments used by the two parties to lobby for the new casino resort at 1515 Broadway is related to the added sense of security that the construction would bring to the area. To strengthen this idea, former NYC police commissioner William Bratton spoke about the need for “better security infrastructure and 24/7 monitoring” in the area to enhance the safety of the local community. Bratton also added that anticipation and prevention in Times Square would require a certain “financial and political willpower” that the casino proposal would be able to fulfill. The former police commissioner further added that in-house security and the millions that would be invested in a “new public-private safety initiative” would guarantee that the area would remain safe for many years to come.
Caesars and SL Green also expressed their willingness to help mayor Eric Adams and the New York Police Department division in Times Square with a series of upcoming improvements in terms of traffic and security. The improvements are aimed at improving mass transit while helping visitors feel better protected and encouraging pedestrians to travel more. They will also help eliminate the ever-present problem of congested traffic. Adams and the Department have also prepared a traffic plan they are ready to include in the new casino resort project.
The Five-Star Project to Accelerate NY’s Economic Recovery
The project is also expected to attract billions in NYC’s treasury in the form of tax revenue, but also speed up the state’s economic recovery with the help of a series of partnerships with important businesses. This would be possible by using Caesars’ loyalty program, Caesars Rewards, which has been joined by over 65 million members and counting.
Members of the loyalty program would be allowed to use their credits to attend Broadway shows, stay at local hotels, shop in retail stores, dine at fine restaurants, and go to comedy clubs and a series of entertainment facilities. Thousands of new workplaces would this way be created in the region, along with a massive drive of tourists eager to visit the exciting businesses in the area.
SL Green’s chief executive officer Marc Holliday explained that the resort would be a part of a renovation project and not a brand-new construction project, which means it would be a lot quicker to open compared to other facilities.
Alicart Restaurant Group’s chief executive officer called the proposal “key to bringing tourists back,” turning Times Square into a safer place, safer and driving the post-pandemic economic expansion needed to recover and keep growing.
In September, Caesars appointed Matt Sunderland as its new senior vice president of iGaming.