On Thursday, Caesars Entertainment announced a partnership with developer SL Green to propose a casino located in Times Square, New York. According to reports, the companies said the proposed plan would redevelop the Times Square building into Caesars Palace Times Square.
The joint partnership mentioned that the project would help to “accelerate economic recovery for surrounding businesses” around Times Square. Also, they said the development would create “good-paying union jobs” for the people of New York.
Caesars Entertainment CEO Tom Reeg said that Caesars was “passionate” about New York, as they invested in several businesses, including restaurant groups, chefs, and entertainers.
“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,” Reeg said.
In a statement, the CEO of SL Green, Marc Holliday, said that Times Square provided the best location to attract business. Holliday also said that the partnership would benefit both employment and investment opportunities.
“We believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses. Our approach will ensure that under-represented communities benefit both in terms of employment and investment opportunities,” said SL Green CEO.
Holliday shared his thought on why the project was chosen as a renovation instead of new construction. He noted the renovation would help the casino to open sooner than other facilities without disrupting local communities.
Previously, in April, New York reportedly approved three casinos for the downstate area. According to reports, the two licenses likely to be authorized for existing casino operators, namely Resorts World racetrack casino in Queens and the Empire City Casino at Yonkers Raceway, north of the Bronx.
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