Caesars submits Times Square Casino Proposal

Gambling behemoth Caesars Entertainment has partnered with SL Green Realty Corp to redevelop the Times Square 1515 Broadway property. The intention is to make it a leading entertainment and casino venue right in the centre of the world’s most famous city.

In addition to this, it is also being proposed that a theatre be included in the venue to make it more of a Las Vegas-style venue. 

Such a development will see New York put on the map when it comes to gambling, and with Caesars understood to be firmly in the driving seat, this is looking more and more realistic with each passing day. 

The potential of the venue is no doubt unparalleled when considering the premiere location that has been picked out by developers, while the further amenities that it is set to offer can significantly help to raise Caesars’ profile substantially more in the city. 

A truly global city, New York attracts tourists and new residents alike from all over the world, and, as a result, this offering can certainly help to meet what is an increasing demand from US (and NYC) gambling enthusiasts

What will the response be in New York?

Situated right in the heart of Manhattan, Times Square is no doubt the epicentre of the district, and with Wall Street a mere stone’s throw away, the potential footfall is significant.

It could well become the gambling company’s leading venue across the country, considering the number of people who not only live in the city but also visit on an annual basis. Already, the Big Apple has reacted positively to the passing of the mobile sports betting bill, so the community will already be familiar with Caesars’ sportsbook. 

What should also be taken into account is the amount of disposable income that some of the highest earners have in the city, such as investment bankers, traders and corporate lawyers, which could make up the majority of regular customers in the new casino. However, the addition of a theatre makes this the perfect opportunity to attract tourists, who may be convinced to see a show and then hit the casino after, therefore making a night of it. 

While the wait for licence approval goes on, this is understood to be only a matter of time, though there is uncertainty on how long the expected development will take. With winter approaching, which usually brings with it Arctic temperatures and substantial dumps of snow, time would really be of the essence; however, it is likely that work would not start on this until the Spring. 

Will Caesars' online presence in the state affect the decision?

What could work well in the company’s favour is that it has already been operating in New York since mobile sports betting went live in January. As a result, its exemplary record in this sphere could well help to expedite the approval process for the casino.

Then it is worth considering the national reputation that the company has, with land-based casinos in a number of states - just the name itself acts as a considerable magnet for enthusiasts. 

In addition to this, the additional income that this can help to bring to local businesses, such as bars, restaurants and taxis, could be well received, especially based on the prestigious location of the casino. Watch this space.