Property owners in Times Square have expressed their support for the Caesars Palace casino project
The review process for three casino licenses in New York is currently underway, which will allow future owners to offer commercial gaming in the state. In 2022, SL Green, Caesars Entertainment, and Roc Nation joined forces to present a project for a casino in the city's iconic square.
Jamestown and Sherwood Equities are the first developers and property owners to publicly back the potential gaming establishment. However, other companies are also in favor of the project, including SoHo Properties, Moinian Group, Wharton Properties, RFR Holding, Ian Schrager Company, and Stillman Development.
RFR co-founder and director Aby Rosen emphasized that Times Square serves as a destination for both local tourists and international travelers, as well as a playground for New Yorkers. He believes that no other location in the city is better suited for the expansion of gaming than Times Square, calling it the number one tourist spot and a hub for entertainment, hospitality, retail, and transportation.
Each of the three approved candidates for the gaming license will be required to pay $500 million for the permit, with an additional amount earmarked as a mandatory investment in the project.
Caesars Palace has also garnered support from numerous local businesses, labor unions, and community organizations. Charlie Rosenberg from the nearby Paramount Building described the project as a unique opportunity to invest in Times Square. He added that the tenants of the Paramount Building include restaurants, small creative enterprises, and Broadway figures, all of whom would benefit if the project is approved.
In related news, the Hard Rock casino in Illinois is set to employ 400 people ahead of its opening in 2024.
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