Summary
- Caesars said its casino project will open the quickest among its rivals
- Caesars is teaming up with SL Green and Roc Nation for a casino in Times Square
- NYC Mayor Eric Adams says he has not been following the casino bidding process
As the competition for a casino license in downstate New York intensifies, Caesars Entertainment has expressed confidence in the “merits” of its Times Square proposal.
CEO Tom Reeg stated that while their project isn’t the biggest in terms of the amount of money set aside for its development, its compatibility with the local environment and how quickly it can open and contribute tax revenue to New York will be the project’s main selling point.
Caesar’s Times Square Casino Will Open The Quickest
Reeg made the remarks in an earnings call to Wall Street analysts this week, during which he also stated that New York could select its preferred bidders by the end of the year. Up to three gaming licenses are up for grabs in the state, but existing racinos in Queens and Yonkers, operated by Malaysia’s Genting Group and MGM Resorts International respectively, are expected to get two of the permits.
Caesars is partnering with New York City’s largest commercial landlord SL Green and American rapper Jay-Z’s entertainment company Roc Nation to develop a casino at 1515 Broadway. Should the project get the go-ahead from both New York City and state officials, the 54-storey Times Square office will undergo renovations and become home to the Caesars Palace Times Square. The existing Broadway theater will be retained.
Reeg told analysts that their spending on the Times Square project is “modest” compared to its rivals, however, it has the potential to “open the quickest” as the project will sit at an existing facility that only needs to be renovated. Furthermore, the area where the casino will be located won’t need zoning approval. Caesars is banking on these significant aspects to win the license.
Several other prominent companies have expressed interest in joining the New York casino bidding process, including Las Vegas Sands which is eyeing to make a gaming comeback in the US by developing a casino resort on Long Island in Nassau County. Wynn Resorts is also teaming up with Related Companies for a casino project at Hudson Yards.
NYC Mayor “Not Following” Casino Bidding Process
Meanwhile, New York City Mayor Eric Adams said he hasn’t been following developments in the casino bidding process, saying the Gaming Commission will make the ultimate decision on the matter. Adams made the statement during a City Hall press conference where he was asked about his preferred bidder.
It was later revealed that Mayor Adams’ ex-chief of staff, Frank Carone has signed on to work with Greenberg Traurig, a law firm associated with SL Green.
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