Caesars and developer SL Green pitch Times Square casino plan

Developer SL Green Realty is moving with casino relation Caesars Entertainment connected a bid to bring a casino to New York's Times Square, the companies announced Thursday.

The partners said the projected task would redevelop Times Square gathering 1515 Broadway into Caesars Palace Times Square, which volition see a Broadway theatre that volition beryllium location to "The Lion King" and different amusement attractions.

They besides promised the improvement would "accelerate economical betterment for surrounding businesses" successful Times Square, arsenic good arsenic "create good-paying national jobs for New Yorkers."

In April, New York authorities approved up to 3 full-service casinos for the downstate New York area, with 2 licenses apt to spell to existing casino operators — Resorts World racetrack casino successful Queens and the Empire City Casino astatine Yonkers Raceway, northbound of the Bronx.

Now, contention for the 3rd licence that Caesar is aiming for is heating up amid a nationalist bid for a casino successful adjacent Hudson Yards from Related Companies and Wynn Resorts.

"We judge that Times Square offers the champion determination for a caller edifice casino that tin pull tourists and payment section businesses. Our attack volition guarantee that under-represented communities payment some successful presumption of employment and concern opportunities," said Marc Holliday, CEO of SL Green, successful a statement.

Holliday added that due to the fact that the task volition beryllium a renovation alternatively of a caller construction, the opening tin hap quicker than different projected facilities, and without changes to the instrumentality oregon disruption to section communities.

In 2013, New York voters approved a law amendment that granted 7 full-scale casino licenses for the authorities — 4 of which went to regions upstate and the remaining 3 allocated for the New York City area. The support process is expected to beryllium lengthy and costly, with licenses costing astatine slightest $500 cardinal each.

Caesars Palace Times Square volition beryllium 100% privately funded, the SL Green and Caesars Entertainment said, with Caesars managing the casino's cognition and brand.