written and last updated by
Sam Smith at
23 Feb 2023
Journalist, Editorial Department
During a recent conference call, Caesars Entertainment CEO Tom Rig shared updates on the company's plans for a casino license in New York. Rig emphasized that the company does not intend to exceed its budget or sell off assets in pursuit of this opportunity.
To recap, at the beginning of 2023, the New York Gaming Facility Location Board initiated the process for receiving and reviewing applications for three available casino licenses in the state. Approved candidates will be required to pay $500 million for the commercial license and must be prepared to invest an equivalent amount in the project itself. Winners are expected to be announced later in 2023.
The CEO noted that the New York licenses are highly attractive. However, the gaming industry leader is not willing to overspend in order to outbid competitors. According to Rig, if the competition for the three licenses devolves into a bidding war over who can spend the most on their project, they would prefer to withdraw from the race. Nevertheless, the joint application submitted by Caesars, SL Green, and Roc Nation in October 2022 remains active. This project envisions the construction of a world-class casino and hotel resort at 1515 Broadway in Times Square.
Recently, Caesars Entertainment also announced plans to enhance its New York casino application through the Caesars Rewards program. Under this initiative, participants will be able to exchange rewards for gift cards, which can be used at hotels, restaurants, clubs, and other venues throughout the city.
In early 2022, there were reports that the company might sell one of its properties on the Las Vegas Strip to raise funds as part of its debt reduction efforts. However, Caesars Entertainment successfully managed to reduce its debt last year without the need to sell any real estate.
Notably, Caesars has released its financial results for 2022, showing improved performance.
