By Josh Beckerman
The backers of Caesars Palace Times Square submitted an official proposal that includes converting an office building at 1515 Broadway into a casino and 992-room five-star hotel.
Caesars Entertainment, SL Green Realty and Jay-Z's Roc Nation have been working on the plan. On Friday, the companies said Live Nation is also part of the effort.
The companies said the plan includes $5.4 billion in total direct investment. They said the project would directly support more than 3,000 construction jobs and 3,800 permanent Caesars Palace Times Square jobs.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
By Josh Beckerman
The backers of Caesars Palace Times Square submitted to New York state an official proposal that includes converting an office building into a casino and hotel, one of eight applications received by a Friday deadline.
Caesars Entertainment, SL Green Realty and Jay-Z's Roc Nation have been working on the plan. On Friday, the companies said Live Nation is also part of the effort.
The companies said the plan includes $5.4 billion in total direct investment. They said the project would directly support more than 3,000 construction jobs and 3,800 permanent Caesars Palace Times Square jobs.
The participants added that the project's economic benefits for the city and state would include $7 billion in taxes over ten years.
Caesars Palace Times Square's proposal includes an $81 million public safety plan for the surrounding neighborhood designed by former NYPD Commissioner Bill Bratton and $15 million for a new civil-rights museum.
The plan had received some opposition from officials and organizations in the past. In January 2023, Manhattan Borough President Mark Levine said any site in the borough would face an uphill road. The Broadway League, the trade association for the Broadway theater industry, warned that a casino "would bring deep economic and social disruption."
State regulators have been conducting a competitive bid process for three downstate licenses. The New York State Gaming Facility Location Board said it received eight applications ahead of a Friday deadline.
MGM Resorts, owner of Empire City Casino in Yonkers, and Genting Group, which owns Resorts World New York City in Queens, are seeking to change their slot- and electronic-game-focused locations into full-fledged casinos with live games such as poker and blackjack.
Other applicants include New York Mets owner Steve Cohen, and Bally's, which is proposing a casino near its Bronx golf course.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 27, 2025 18:43 ET (22:43 GMT)
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