Caesars Entertainment, one of the world's biggest hotel-casino operators, has its sights set on New York City.
Caesars announced on Thursday it is partnering with noted city real estate developer S.L. Green Realty Corp. to pursue a gaming license in Manhattan.
And not just "in Manhattan."
The two entities are looking to redevelop the property at 1515 Broadway - at 45th St. in the heart of Times Square and the Theater District.
"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," Tom Reeg, CEO of Caesars, said in a statement. "As one of the largest mobile sports books 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 City does not have a casino in Manhattan. Resorts World has a property in the borough of Queens, there is a casino in suburban Yonkers, as well as about two hours from the city in the Hudson Valley. But the city that never sleeps does not have a Las Vegas-style hotel-casino property in Manhattan.
Caesars said such a property will not only provide billions in tax revenue to New York City and State, but it will also accelerate New York's economic recovery through strategic partnerships with area businesses utilizing its Caesars Rewards loyalty program.
In addition to major economic benefits to all Times Square stakeholders, SL Green and Caesars are proposing significant security and traffic improvements as part of their proposal.
"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."
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