Times Square may be looking a little more like Las Vegas.

Caesars Entertainment in partnership with SL Green Realty Corp announced a partnership to redevelop the 54-story office tower at 1515 Broadway in the heart of Times Square. That’s right, the world-famous casino wants to stake a claim in the crossroads of the world.

"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," said Tom Reeg, CEO of Caesars.
Caesars Palace Times Square is set to include a theater for the hit Broadway show “The Lion King” as part of the proposal.

The partnership also plans tie-ups with area businesses to allow more than 65 million members in Caesars Rewards loyalty program to use credits at Broadway shows, local hotels, restaurants, retail stores, comedy clubs and entertainment venues.

Caesars Palace Times Square could provide billions in tax revenue to New York City and state, create thousands of jobs, and theoretically be part of the economic recovery plan which would make use of empty space for recreation and spending.

The casino could also attract more visitors to Midtown, encouraging spending, recreation and 24 hours of fun in the neighborhood that’s struggled since the pandemic started.
In 2020, A Reno Family Business Bought Caesars in a $17.3 Billion Casino Merger.

From a single property, Eldorado Resorts in Reno became the biggest casino resort company in the U.S. with the purchase of Caesars Entertainment.

Caesars Palace Times Square will be 100% privately funded. Caesars will license its brand and manage the operations under a long term management contract.
The state of New York is set to issue three gaming licenses downstate. “We believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses,” Marc Holliday, SL Green CEO, said in the statement, adding that a casino in Times Square is in keeping with existing neighborhood uses. “Times Square is the center of the entertainment universe."
This is not just a big opportunity for the city and the state but a rallying point for Times Square to have something very positive to redirect some of the degradation in the area.

Coming on the heels of the pandemic, areas like Times Square need to reboot ... to make it an economic engine around which we can have a Times Square renaissance much in the way you see Grand Central renaissance.

The major real estate and casino players’ jostling comes after the New York state budget passed earlier this year set the stage to issue up to three downstate gaming licenses, with one widely expected to be in Manhattan.