Property developer SL Green Reality and casino giant, Caesars Entertainment, have unveiled their plans for a new casino, described as being ‘in the heart of Times Square’.
The partnership is seeking to redevelop No. 1515 Broadway as a premier gaming and entertainment destination, claiming that the proposed resort will generate ‘billions (of dollars) in tax revenue’.
Caesars and SL Green’s initial proposal has focused on the social and economic benefits to the city of New York, and former New York City Police Commissioner, William Bratton, has supported the Caesars’ proposal, saying: “This investment will ensure Times Square is safe for years to come.”
Tom Reeg, Caesars CEO, says: “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.”
Marc Holliday, CEO of SL Green, adds: “Because we are proposing a renovation, once the licence 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.”