SL Green Realty Corp. and Caesars Entertainment said Thursday they are pursuing a gaming license for a casino in New York City’s Times Square.
Under their proposal, the companies would create a casino called Caesars Palace Times Square by redeveloping the existing building at 1515 Broadway, according to a press release from the companies. They said their gaming license proposal also includes plans to improve security, mass transit and traffic congestion in the Broadway theater district.
"A casino in Times Square is in keeping with existing uses in the area," SL Green CEO Marc Holliday said. "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."
The project, which would include theater space for the Broadway musical "The Lion King," will be completely privately funded, the companies said. Caesars said it will "license its brand and manage the operations under a long-term management contract."
The companies also argued the project would help the city’s economic recovery via the Caesars Rewards loyalty program, through which members would be able to use credits at participating local businesses and attractions.
SL Green and Caesars’ casino proposal comes after the state authorized three licenses for New York City area in April.
The two companies aren't the only ones throwing their hat into the ring for a license.
|SLG||SL GREEN REALTY CORP.||36.57||-0.32||-0.87%|
|CZR||CAESARS ENTERTAINMENT INC.||46.12||+0.12||+0.26%|
|WYNN||WYNN RESORTS LTD.||90.65||-0.91||-0.99%|
In September, Wynn Resorts and Hudson Yards developer Related Companies said they were seeking one. They are proposing a "resort, entertainment and gaming destination" in the Western Yard section of Hudson Yards, according to a release.