Caesars Palace Times Square Casino Elastic
One Times Square and Two Times Square, anchors of Times Square entertainment history, joined today to support a proposal to host Caesars Palace Times Square Casino at 1515 Broadway. Jamestown, which owns One Times Square, and Sherwood Equity, which owns Two Times Square, both believe the new entertainment destination will help expand the neighborhood and continue New York City's legacy as a global entertainment district.
In addition to Jamestown and Sherwood Equity, owners of Five Times Square, Paramount Building, Soho Properties, Moynian Group, Wharton Property, RFR, Ian Shragher Company, and Steelman Development have joined hands with Roc Nation and Caesars Entertainment in a growing coalition of local business owners, community groups and neighbors supporting SL Green's proposal.
"Times Square represents New York City's culture, energy, and optimism, and deserves to be called the intersection of the world. It is a destination for international as well as domestic tourists, and a playground for New Yorkers from all five boroughs. No place in the city is best suited to the start of our gaming industry, and it is a center for entertainment, accommodation, retail, and transportation," said Abby Rosen, co-founder and principal of RFR. "We join the Alliance for Better Times Square, strongly supporting their efforts to provide gaming facilities in the area, and we are confident that the public and private benefits created will ensure a better future for everyone in this great city."
"We all want the Times Square area to thrive and remain the economic hub of entertainment as it is today. That's why we joined the Alliance for Better Times Square, and we support a bid to build a gaming facility at 1515 Broadway," said Charlie Rosenberg of Paramount Building. "As one of the closest neighbors to the proposed location, we carefully considered the impact this bid would have on our neighborhood. The more we learned, the more it became clear that this was a once-in-a-lifetime opportunity to invest in Times Square's future and to firmly improve the quality of life of the neighborhoods in the area. Our tenants include restaurants, small creative businesses, and industry leaders on Broadway, who will all benefit from this bid for Caesars Palace Times Square
"As our association continues to grow, two things are clear: The new gaming facility in Times Square has extensive support from its neighbors, and its current proposal for a new entertainment destination at 1515 Broadway will bring tremendous benefits to its neighbors and local small businesses," said The Better Times Square Coalition. "We look forward to continuing to fight for a cleaner and safer Times Square and investing in the future of our neighbors, which we all hope will remain the centerpiece of New York City's entertainment world."
SL Green, Caesars Entertainment, and Roc Nation are collaborating on a partnership to redevelop 1515 Broadway into a premier entertainment and gaming location in the heart of Times Square. The proposed boutique facility will occupy the eighth floor of the existing 54-story tower and include 250,000 square feet of gaming space along with 950 hotel rooms and entertainment and restaurant spaces.
Working with former NYPD Commissioner Bill Bratton and the Times Square organization, SL Green and Caesars Palace have also committed to adding a portion of their gaming revenue to security, sanitation, and transportation investments that will improve the overall quality of life for those around Times Square. Specific commitments include more than doubling the number of public safety officers patrolling Times Square, a 30 percent increase in the sanitation staff of Times Square, contacting and funding local homeless service organizations, and working with local theaters, ride-sharing operators, and yellow taxis to develop congestion improvement plans.
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