{"id":2847,"date":"2023-02-23T13:50:28","date_gmt":"2023-02-23T13:50:28","guid":{"rendered":"https:\/\/www.casinousa.com\/news\/?p=2847"},"modified":"2023-02-23T13:50:28","modified_gmt":"2023-02-23T13:50:28","slug":"caesars-banks-on-merits-of-times-square-project","status":"publish","type":"post","link":"https:\/\/www.casinousa.com\/news\/caesars-banks-on-merits-of-times-square-project","title":{"rendered":"Caesars Banks on \u201cMerits\u201d of Times Square Project"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2023\/02\/proposed-caesars-palace-times-square.jpg\" width=\"300\" alt=\"Proposed Caesars Palace Times Square\" class=\"alignright size-full wp-image-2848\" title=\"Caesars Banks on \u201cMerits\u201d of Times Square Project\" \/><strong>Summary<\/strong> <\/p>\n<ul>\n<li>Caesars said its casino project will open the quickest among its rivals<\/li>\n<li>Caesars is teaming up with SL Green and Roc Nation for a casino in Times Square<\/li>\n<li>NYC Mayor Eric Adams says he has not been following the casino bidding process<\/li>\n<\/ul>\n<p>As the <a href=\"https:\/\/www.casinousa.com\/news\/two-new-casino-bids-surface-in-new-york-state\">competition for a casino license in downstate New York intensifies<\/a>, <strong>Caesars Entertainment<\/strong> has expressed confidence in the \u201c<em>merits<\/em>\u201d of its Times Square proposal. <\/p>\n<p>CEO <strong>Tom Reeg<\/strong> stated that while their project isn\u2019t 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\u2019s main selling point.<\/p>\n<h2 id=\"caesars-times-square-casino-will-open-the-quickest\">Caesar\u2019s Times Square Casino Will Open The Quickest <\/h2>\n<p>Reeg made the remarks in an earnings call to Wall Street analysts this week, during which he also stated that <a href=\"https:\/\/www.casinousa.com\/states\/new-york\">New York<\/a> 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<strong> Malaysia\u2019s Genting Group<\/strong> and <strong>MGM Resorts International<\/strong> respectively, are expected to get two of the permits.<\/p>\n<p>Caesars is partnering with New York City\u2019s largest commercial landlord <strong>SL Green<\/strong> and American rapper Jay-Z\u2019s entertainment company <a href=\"https:\/\/www.casinousa.com\/news\/jay-z-and-roc-nation-show-interest-in-times-square-casino\"><strong>Roc Nation<\/strong> to develop a casino<\/a> 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.<\/p>\n<div style=\"position:relative;height:0;padding-bottom:56.25%\">\n<iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/Vc4GbGP5FsM?rel=0&amp;showinfo=0?ecver=2\" width=\"640\" height=\"360\" frameborder=\"0\" style=\"position:absolute;width:100%;height:100%;left:0\" allowfullscreen><\/iframe>\n<\/div>\n<p>&nbsp;<\/p>\n<p>Reeg told analysts that their spending on the Times Square project is \u201c<em>modest<\/em>\u201d compared to its rivals, however, it has the potential to \u201c<em>open the quickest<\/em>\u201d 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\u2019t need zoning approval. Caesars is banking on these significant aspects to win the license.<\/p>\n<p>Several other prominent companies have expressed interest in joining the New York casino bidding process, including <strong>Las Vegas Sands<\/strong> which is eyeing to make a gaming comeback in the US by <a href=\"https:\/\/www.casinousa.com\/news\/las-vegas-sands-announces-bid-for-nyc-casino\">developing a casino resort on Long Island in Nassau County<\/a>. <strong>Wynn Resorts<\/strong> is also teaming up with <strong>Related Companies<\/strong> for a <a href=\"https:\/\/www.casinousa.com\/news\/related-companies-and-wynn-resorts-team-up-for-huge-resort-in-new-york-city\">casino project at Hudson Yards<\/a>.<\/p>\n<h2 id=\"nyc-mayor-not-following-casino-bidding-process\">NYC Mayor \u201cNot Following\u201d Casino Bidding Process<\/h2>\n<p>Meanwhile, <strong>New York City Mayor Eric Adams<\/strong> said he hasn\u2019t 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.<\/p>\n<p>It was later revealed that Mayor Adams\u2019 ex-chief of staff, <strong>Frank Carone<\/strong> has signed on to work with <strong>Greenberg Traurig<\/strong>, a law firm associated with SL Green.<\/p>\n","protected":false},"excerpt":{"rendered":"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, [&hellip;]","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,3],"tags":[],"class_list":["post-2847","post","type-post","status-publish","format-standard","hentry","category-news","category-general"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - 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