Proposal Unveiled for Caesars Palace Times Square: A New Era of Entertainment and Economic Growth

In a significant development for New York City’s iconic Times Square, a coalition led by SL Green, Caesars Entertainment, Roc Nation, and Live Nation has presented an ambitious proposal to establish Caesars Palace Times Square (CPTS) at 1515 Broadway. This project aims to transform an existing office building into a premier destination featuring a 992-room, five-star hotel, an array of dining options, and world-class gaming and entertainment.

Transformative Economic Impact

The CPTS project is designed to generate substantial economic benefits, projected to exceed $26 billion in new spending over the next decade. This initiative is not merely about creating a luxury entertainment venue; it is about fostering an economic ecosystem that strengthens local businesses and enhances the vibrancy of Times Square.

Key Financial Commitments

• Community Investment: CPTS pledges $250 million towards community-centric projects. This includes an $81 million public safety program and a $15 million contribution towards a new civil rights museum. Notably, it also allocates $5 million for the development of the Callen-Lorde Center for Excellence in Sexual Health.

• Broadway Benefits: The proposal anticipates 835,000 additional Broadway tickets sold annually, potentially generating $124 million in annual revenue. Investment in support programs, including $32 million for childcare and debt assistance for Broadway workers, reflects a commitment to the livelihoods of those in the entertainment industry.

Job Creation and Economic Boost

The CPTS is set to create over 3,800 permanent jobs—most of which will be unionized—offering an average salary of approximately $120,000 when tips and benefits are considered. In addition, the project will generate more than 3,000 construction jobs, bolstering employment opportunities during its development phase.

Estimated Revenue for the City

As the fastest-to-market gaming proposal, CPTS is expected to generate over $7 billion in tax revenue for New York City and State within its first ten years. This revenue influx marks a significant contribution to the local economy, enhancing public services and infrastructure.

A Collaborative Vision

The proposal garners widespread support, with more than 200 local organizations and businesses behind it, including restaurants, hotels, and Broadway stakeholders. This collective backing emphasizes a cooperative approach aimed at complementing existing establishments rather than competing with them.

Voices from the Community

Brett Herschenfeld, Executive Vice President of SL Green, underscored the collaborative spirit by stating, "Caesars Palace Times Square is the only proposal that can be delivered quickly, is transit-accessible and sustainable while maximizing economic impact for New Yorkers." Similarly, Desiree Perez, CEO of Roc Nation, highlighted the project’s potential to “invest in the soul of New York City.”

Addressing Concerns

Despite the robust backing, the proposal has faced scrutiny regarding urban development and potential impacts on existing local businesses. Proponents argue that the projected economic halo effect—which anticipates increased demand for local services—will benefit nearby restaurants and retail, supporting a thriving community.

Commitment to Responsible Gaming

In response to potential concerns about gaming addiction, CPTS plans to implement responsible gaming measures consistent with Caesars Entertainment’s established practices. The proposal explicitly states that there will be no gaming activity on the ground floor, and gaming tables will not be visible from the street, aligning with a commitment to community welfare.

Conclusion

The Caesars Palace Times Square project stands to reshape the landscape of New York City’s entertainment district, promising significant economic benefits and enriched community engagement. With an investment strategy focused on sustainability and community improvement, CPTS aims to be a landmark development that bolsters local businesses and revitalizes Times Square. As the proposal moves forward, its success will depend on continued collaboration with community stakeholders and careful navigation of the urban landscape.

For those interested in experiencing what CPTS has to offer, music enthusiasts can look forward to a series of curated entertainment events led by Roc Nation, ensuring a vibrant cultural experience.