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Caesars Palace Hotel-Casino Proposed For Times Square

Caesars Palace Hotel-Casino Proposed For Times Square

Caesars Entertainment proposes to open a Caesars Palace resort casino in the heart of Times Square, partnering with SL Green Realty Corp. to put in a bid for a New York City gaming license.

The Caesars Palace Times Square project would involve the redevelopment of 1515 Broadway, a 54-story tower located between 44th and 45th streets. The building currently houses the headquarters of media group Viacom and the Minskoff Theater, the longtime home of Broadway musical "The Lion King."

Plans for the project call for the inclusion of a Broadway theater, where "The Lion King" would continue its run.

As part of their pitch, Caesars and SL Green are promising "major economic benefits to all Times Square stakeholders," as well as security and traffic improvements that the pair say will help "make visitors feel safer, improve mass transit, encourage pedestrian travel and mitigate vehicle congestion in the area."

In a statement, SL Green CEO Marc Holliday said that the Caesars Palace Time Square would be "in keeping with existing uses in the area."

"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," added Holliday.

Caesars is one of several gaming giants making a play for one of up to three casino licenses expected to soon be up for grabs in New York City, with Genting Group and MGM Resorts also in the running, according to reports.

Wynn Resorts and Related Companies are pursuing a Hudson Yards project on the west side of Manhattan. New York City currently has one casino, Genting's Resorts World New York City in Queens.

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