It looks like SL Green and Caesars Entertainment have received a boost in their pursuit of a commercial casino in Times Square, New York City. The two have now partnered up with Roc Nation, which is an entertainment agency founded by popular hip-hop artist and producer Jay-Z. The trio will now certainly form a strong case when bidding for a casino license.
In order to be considered for one of the three downstate casino licenses by the state, each proposal must meet several criteria. One of those requirements is having the support of the local public. Only then a local community advisory committee will review the bid and assess public interest. If the public approves the project, then the committee can green-light it.
Launching a Casino at the World’s Crossroads
In a press release from Roc Nation, Shawn Carter, also known as Jay-Z, commented that the idea is to develop a destination at the heart of Times Square, the true crossroads of the world. In his words, the partnership with SL Green and Caesars Entertainment has the potential and commitment to economic opportunity, growth, and enrichment of the community.
The casino property would be named Caesars Palace Times Square and according to early estimates from the casino operator, it would attract over seven million new visits annually. It would also secure more than 600k overnight visits to local hotels and mean more than seven million new meals for restaurants, as well as over US$166 million in retail sports betting volume.
CEO of Caesars Entertainment, Tom Reeg, commented that Times Square is the heartbeat of American Entertainment for over a century. He says that the coalition will use the shared vision to create a world-class destination designed to complement and elevate the experience, thus making sure that the area remains an attraction for visitors for future generations.
It looks like the trio’s hefty bid has a good chance of landing one of the three available licenses, as it has already received support from a broad coalition of Times Square stakeholders. They represent construction labour, Broadway labour, restaurants, hotels, small businesses, theatres and local residents in the area.
The Competition
However, the trifecta is set to face some serious competition in its pursuit of a full-scale casino license. Most recently, real estate developer Stefan Soloviev also expressed interest and has allegedly already started discussions with Las Vegas gambling brands to bring a casino south of the United Nations building in Manhattan.
A few months ago, Wynn Resorts and Related Companies have announced their intentions to participate in the bidding process. If approved by the state, their plan is to have a non-tribal casino in Western Yards at Hudson Yards. The new gaming location would provide entertainment in gambling and it would aim to provide thousands of permanent and construction jobs
