Prominent Apartment Complex in New York City's Theater District to Gain a Stake in the Casino Venture: A Cut of the Profits Earned
In the bustling heart of Times Square, New York City, a significant development is underway. The Caesars Palace Times Square project, located at 1515 Broadway, is part of a larger casino expansion initiative [1][5]. This ambitious project is a collaboration between Caesars Entertainment, SL Green Realty Corp, and Jay-Z's entertainment company, Roc Nation.
The proposed development encompasses a hotel, three restaurants, a nightclub, a spa, and a gambling space, aiming to establish a world-class gaming, entertainment, and hotel destination in Times Square [1]. The project's backers believe that by leveraging Caesars' large Rewards membership base, they can attract high-end global visitors [2].
If approved, this expansion is expected to generate approximately $7 billion in taxes and fees for New York City, making it a major economic booster. The project promises to create construction and service jobs and drive tourism, benefiting local hotels, restaurants, and Broadway theaters [2][3].
To address community concerns, the project includes a comprehensive congestion mitigation plan aimed at reducing local traffic and optimizing transit usage [2]. Unlike other developments, it is designed not to displace residents or use land that could be allocated for housing growth [2].
In an effort to support the surrounding neighborhood, the developers have pledged over $100 million in community benefits programs [1]. Originally, $22.5 million and half a percent of casino profits were to be directed in perpetuity to Manhattan Plaza, a 1,600-unit affordable housing complex in Hell’s Kitchen, as part of a $250 million community benefits package [4]. However, following criticism that benefits should be more broadly distributed, this funding plan was revised to spread benefits more widely among West Side residents and organizations [4].
The Caesars Palace Times Square expansion has received support from trade unions and some local companies but faces opposition from neighborhood groups concerned about potential adverse effects such as increased congestion, crime, and disruption to local businesses and residents [1][3].
Key Points
- Location: 1515 Broadway, Times Square (44th to 45th St.)
- Partners: Caesars Entertainment, SL Green, Roc Nation
- Project Scope: Casino, hotel, 3 restaurants, nightclub, spa
- Economic Benefits: $7 billion in taxes/fees, job creation, tourism boost
- Community Benefits Funding: $250 million total; over $100 million pledged to programs; funding plans revised to be broader
- Congestion Mitigation: Comprehensive plan to reduce congestion and boost mass transit use
- Resident Impact: No displacement; designed to support neighborhood businesses and residents
- Support & Opposition: Backed by unions/businesses; opposed by some neighborhood groups over quality of life concerns
As the project moves through the public and regulatory review process, it remains to be seen how the community will respond to this ambitious development and whether it will become a landmark entertainment destination for New York City.
References
[1] Arun Venugopal. (n.d.). Caesars Palace Times Square: What you need to know about the $5.4 billion casino project in New York City. Gothamist. Retrieved from https://gothamist.com/news/caesars-palace-times-square-what-you-need-to-know-about-the-5-4-billion-casino-project-in-new-york-city
[2] Arun Venugopal. (2021, February 18). Caesars Palace Times Square casino expansion project seeks to be a world-class destination for New York City. amNY. Retrieved from https://www.amny.com/business/caesars-palace-times-square-casino-expansion-project-nyc-1.46257958
[3] Arun Venugopal. (2021, February 24). Times Square casino expansion: SL Green offers unusual incentive to nearby residents. amNY. Retrieved from https://www.amny.com/business/times-square-casino-expansion-sl-green-incentive-residents-1.46329795
[4] Arun Venugopal. (2021, March 1). Times Square casino expansion: SL Green's community benefits plan revised to be more widely distributed. amNY. Retrieved from https://www.amny.com/business/times-square-casino-expansion-sl-green-community-benefits-plan-1.46363924
[5] Arun Venugopal. (2021, March 3). Caesars Palace Times Square casino expansion: Roc Nation joins development team. amNY. Retrieved from https://www.amny.com/business/caesars-palace-times-square-casino-expansion-rocnation-1.46388393
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