Caesars Bids for Times Square Casino in New York
Photo credit: George Rose/Getty Images. Pictured: Caesars Palace Casino in Las Vegas
Caesars Entertainment and SL Green Realty Corp. on Thursday announced a partnership bid to launch a casino inTimes Square, New York.
It would be one of three downstate casinos sanctioned by the 2022 budget signed by Gov. Kathy Hochul in April.
In its statement, SL Green pledged the efforts would benefit to "make visitors feel safer, improve mass transit, encourage pedestrian travel, and mitigate vehicle congestion in the area."
"We believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses," said SL Green's CEO, Marc Holliday. "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."
Other sites expected to make bids:
- The Aqueduct Racetrack in Queens (MGM Resorts International)
- Empire City Casino in Yonkers (Rush Street Interactive)
- An unnamed facility in Hudson Yards (Wynn Resorts)
Each partnered company runs an online sportsbook in the state.
Applicants must receive approval from an advisory board of state lawmakers, local city council members and officials hand-picked by Gov. Hochul and Mayor Eric Adams. It's unclear how long that could take.
Venues that win a license will pay the state a one-time $500 million fee, when combined is to generate $1.5 billion to education.
"A casino in Times Square is in keeping with existing uses in the area. Times Square is the center of the entertainment universe," Holliday said. "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."
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The casino would be located at 1515 Broadway, an SL Green-owned site. It would include a theater for The Lion King.
Both companies disclosed that Caesars Palace Times Square will be fully, privately funded.
Caesars Sportsbook went live in New York's online sports betting market back in January.