SL Green, Caesars Entertainment, Roc Nation and Live Nation have officially come together to submit the official proposal for Caesars Palace Times Square (CPTS), making up a bid to bring the world’s top gaming, entertainment and hotel venue to the iconic Times Square entertainment district.
According to certain reports, if approved, the proposal would effectively revamp an existing office building at 1515 Broadway into a 992-room, five-star hotel, featuring restaurants inclusive of local and international culinary innovation, a wellness retreat, world-class gaming, as well as the best nightclubs and entertainment curated by Roc Nation.
More on that would reveal how CPTS will conceive a financial windfall for hundreds of existing establishments in neighboring communities. We get to say so because it is expected to unlock more than $26 billion in fresh spending.
Thanks to an existing building easily accessible by more forms of public transportation than any other bidder, CPTS should also enjoy an approach which is sustainable and fastest to market.
All in all, the coalition behind this recently-made bid is understood to include more than 200 organizations and businesses, including local restaurants, hotels, residents, unions and Broadway stakeholders.
Talk about the benefits of CTPS on a slightly deeper level, we begin from the one which promises a staggering $250 million in community benefits. From that lot, there will be $81 million allotted to a public safety plan for the surrounding neighborhood. It also includes $15 million for a new civil rights museum spearheaded by the Civil Rights Foundation.
Beyond that, a sum of $5 million is expected to go towards supporting the development of Callen-Lorde Center for Excellence in Sexual Health.
Next up, we must dig into how Broadway, on its own, stands to generate around $225 million. This happens to be the case because well over 835,000 extra Broadway tickets are projected to be sold annually due to the project’s unique proposition, generating $124 million in annual revenue.
Apart from that, Broadway workers can also come expecting substantial amount of benefits from direct community investment, including a $32 million investment in child care, student and medical debt assistance, rent support for Broadway workers, as well as $20 million to purchase Broadway tickets for underserved families.
Almost like an extension of it, the project will further support more than 3,000 construction jobs and 3,800 permanent CPTS jobs, majority of which are unionized and will be filled by New Yorkers. These permanent hospitality jobs markedly have an average compensation of $120,000 a year, if you take into account tips and Caesars’ own comprehensive line of benefits.
Moving on to what city and the State stands to gain here, as the fastest-to-market new gaming proposal, Caesars Palace Times Square will generate, for the New York City and the State. economic benefits worth over $7 billion in direct tax and fee revenue, along with $26.7 billion in local economic impact over its first ten years alone
Another detail worth a mention is rooted in how guests are likely to generate excess demand for more than 13 million meals annually at local restaurants, over 2,400 hotel rooms each night in surrounding hotels, and more than $880 million in incremental annual retail purchases.
In fact, thanks to the Caesars Rewards program, over 165 local businesses have already partnered to accept rewards points.
In case this wasn’t enough, Caesars is also set to implement its pioneering and well-recognized programs to mitigate problem gambling. For instance, the stated assortment of programs will commit to having no gaming activity on the ground floor, nor will any tables or gaming devices be visible from the street.
“Today’s submission represents years of hard work, partnership, and belief in New York City’s future,” said Brett Herschenfeld, Executive Vice President of SL Green Realty and project lead. “Caesars Palace Times Square is the only proposal that can be delivered quickly, is transit-accessible and sustainable while maximizing economic impact for New Yorkers. Most importantly, it’s the only one designed the New York way: prioritizing community investment and collaboration over competition in the heart of New York City. We’re proud to stand with Caesars, Roc Nation and Live Nation.”
