Topline
Caesars Entertainment unveiled plans Thursday to develop a massive casino resort on Broadway in the heart of Times Square amid the already bright and boisterous neighborhood, as the highly lucrative battle to bring gambling to Manhattan heats up.
The already bustling Times Square could soon get a new tenant: a casino.
Key Facts
Caesars Palace Times Square would be located at 1515 Broadway— once home to MTV’s famous Times Square studios — which is currently home to a 54-story office building, Caesars and SL Green Realty Corp., announced in a joint statement detailing their proposal.
As if a casino in Times wouldn’t roar loud enough, the casino smack in the middle of New York’s Theater District would feature a Broadway theater for Lion King.
Caesars and SL Green noted the project would be fully privately funded and it’s the latest and most jarring proposed casino vying for one of the casino licenses up for grabs in and around New York City.
The companies also managed to gain the support of the Broadway actors union, Actors’ Equity Association, and former New York Police Commissioner Bill Bratton, and included in their announcements statements from both praising the “security and safety in the Times Square neighborhood” that would “ensure Times Square is safe for years to come,” despite pushback from theater trade groups.
There are currently no casinos in Manhattan, though bidding for the coveted licenses will begin soon, starting at $500 million each.
Big Number
$302.3 million. That’s how much tax revenue New York brought in during the first six months of legal mobile sports betting in the state.
Chief Critic
The Broadway League, a trade group for New York theaters, opposes a casino coming to Broadway, telling the New York Times: “The addition of a casino will overwhelm the already densely congested area and would jeopardize the entire neighborhood whose existence is dependent on the success of Broadway.”
Key Background
New York state legislators legalized casinos in 2014, but stipulated such facilities couldn’t open in the New York City metropolitan area until 2023 or later, allocating four licenses to four upstate casinos already operating today and earmarking three for downstate facilities. MGM’s Empire City Casino in Yonkers and Resorts World New York in Queens, both of which already offer some gambling like slots but not table games, are nearly guaranteed to snap up two of the available licenses, according to several reports. For the remaining spot, Caesars Palace Times Square’s most notable competitors are a midtown Manhattan casino from Wynn Resorts and Hudson Yards developer, Related Companies, unveiled last month and a joint venture from billionaire New York Mets owner Steven Cohen and Hard Rock for a casino in Queens reported to be under discussion by several outlets. A Manhattan casino is expected to bring in over $1 billion in annual revenue. New York has embraced vices as a source of tax revenue recently, legalizing recreational marijuana use in July 2021 and mobile sports betting in January.
Further Reading
The Big Gamble: Inside The Battle to Operate A Casino In New York City (Forbes)
Times Square May Get One of the Few Spectacles It Lacks: A Casino (New York Times)
How New Jersey Will Double Down On Gambling If Casinos Come To New York City (Forbes)
Source: https://www.forbes.com/sites/dereksaul/2022/10/20/blackjack-on-broadway-caesars-palace-casino-may-come-to-times-square/