The developer SL Green Realty and the gambling company Caesars Entertainment have published their plans for an establishment in the heart of New York City.
Back in the month of April the state of New York published about its plans to greenlight three gamlbing licenses for establishments in the southern, downstate region of the jurisdiction. Two of those licenses are expected to be handed to existing operators, while the third one will be allotted to a brand new property.
Competition for this third permit is quite tense, as Caesars is competing against a similarly sized multi-billion dollar conglomerate, Wynn Resorts. The latter’s plan involves a casino in a slightly less prominent location, Hudson Yards, though it may be a safer bet than Times Square.
SL Green’s and Caesars’ bid includes a complete makeover and remodel of the building on 1515 Broadway into the newest Caesars Palace, which will even include a theater. They mentioned a number of upsides to their intentions, with the chief one being the economic one in the form of taxes. The other major point the two companies talked about was the creation of a plethora of unionized jobs.
In our view Times Square is a perfect location for a resort and casino, as it is one of the most prominent tourist destinations in the city. Additionally, an establishment there will greatly benefit local business and create a lot of jobs in the area. Our plans will also involve opportunities for people from underrepresented communities, in terms of both the aforementioned employments and investments
remarked the chief executive officer of SL Green Realty, Marc Holliday.
