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US – Caesars Palace Times Square casino gets backing from anchors of Times Square entertainment

By - 2 January 2024

One Times Square and Two Times Square, the anchors of Times Square’s entertainment history, have joined in support of the proposal to bring a Caesars Palace Times Square casino to 1515 Broadway. Both Jamestown, which owns One Times Square, and Sherwood Equities, which owns Two Times Square, believe the new entertainment destination would enhance the neighborhood and help continue its legacy as New York City’s global entertainment district.

In addition to Jamestown and Sherwood Equities, the owners of 5 Times Square, Paramount Building, Soho Properties, Moinian Group, Wharton Properties, RFR, Ian Schrager Company, and Stillman Development also joined the growing coalition of local business owners, community groups, and neighbors supporting SL Green’s proposal, in partnership with Roc Nation and Caesars Entertainment.

“Times Square exemplifies the culture, energy and optimism of NYC and is justifiably referred to as the crossroads of the world. It is the destination for the domestic tourist as well as the international traveler and a playground for New Yorkers from all five boroughs. No location in the City is more suitable for the beginning of our gaming industry than Times Square, being the no. 1 tourist destination and hub for entertainment, hospitality, retail and transportation,” said Aby Rosen RFR Co-Founder and Principal. “We join the Coalition for a Better Times Square and strongly support their efforts to bring a gaming facility to this neighborhood and are confident the public and private benefits created will ensure a better future for all in this great City of ours.”

“We all want the Times Square area to thrive and stay the economic hub of entertainment that it is today. That’s why we have joined the Coalition for a Better Times Square and are supportive of the bid for a gaming facility at 1515 Broadway, ” said Charlie Rosenberg from The Paramount Building. “As one of the closest neighbors to the proposed site, we carefully considered the impact this bid would have on our neighborhood. The more we learned, the more it became clear that this is a once-in-a-lifetime opportunity to invest in the future of Times Square and firmly improve the quality of life for neighbors in the area. Our tenants include restaurants, small creative businesses, and Broadway industry leaders that would all benefit from this bid for a Caesars Palace Times Square.”

“As our coalition continues to grow, two things are clear: a new gaming facility in Times Square has broad support from its neighbors and the current proposal for a new entertainment destination at 1515 Broadway would bring enormous benefits to the neighborhood and its local small businesses,” the Coalition for a Better Times Square said. “We look forward to continue fighting for a cleaner and safer Times Square and investing in the future of a neighborhood we all hope remains the center of the entertainment world in New York City.”

SL Green, Caesars Entertainment, and Roc Nation are collaborating on a partnership to redevelop 1515 Broadway as a premiere entertainment and gaming destination in the heart of Times Square. The proposed boutique facility would take up eight floors in the existing 54-story tower and include 250,000 square feet of gaming space alongside 950 hotel rooms and entertainment and restaurant space.

Working in partnership with former NYPD Commissioner Bill Bratton and Times Square organizations, SL Green and Caesars Palace have also committed to dedicating part of the gaming revenue to added security, sanitation, and traffic investments that will improve the overall quality of life for those in and around Times Square. Specific commitments include more than doubling the number of public safety officers who patrol Times Square, increasing the sanitation workforce of Times Square by 30 percent, liaising with and funding local homeless service organizations, and working with area theaters, rideshare operators, and yellow cabs to develop a congestion remediation plan.

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