Caesars eyes NYC’s Times Square

With a new batch of casino licenses up for grabs in New York, another resort giant on the Strip wants to venture to Manhattan.

Caesars Entertainment Inc. announced a partnership Thursday with New York office landlord SL Green Realty Corp. to open Caesars Palace Times Square in an existing skyscraper.

The 54-story tower, 1515 Broadway, is owned by SL Green. The new Caesars Palace will be designed to include a Broadway theater for “The Lion King,” according to a news release, which did not provide other details on the proposed casino project.

It said the development would bring Caesars’ 50-plus years of “globally-recognized excellence” in entertainment, food and beverage, and gaming “to deliver a best-in-class experience that will be authentic and complementary to the Times Square entertainment district.”

According to the release, Caesars Palace Times Square would “provide billions in tax revenue” to New York City and the state, and the partners are “proposing significant security and traffic improvements as part of their proposal.”

Caesars Rewards members would be able to use credits at Broadway shows, local hotels, restaurants, retail stores and entertainment venues, the release said.

“We believe that Times Square offers the best location for a new resort casino that can attract tourists and benefit local businesses,” said SL Green CEO Marc Holliday, adding the companies’ approach “will ensure that under-represented communities benefit both in terms of employment and investment opportunities.”

He also said a casino keeps with “existing uses in the area,” as Times Square is the “center of the entertainment universe,” and that because the firms are proposing a renovation, they would be able to “open quicker than other facilities, which require entirely new construction, changes in law, and will be disruptive to their local communities.”

The announcement follows New York real estate heavyweight Related Cos.’ news release last month that it’s partnering with Wynn Resorts to pursue a casino license, with plans for a project in Related’s Hudson Yards development on the west side of Manhattan.

New York’s budget passed earlier this year and provided for three downstate gaming licenses, Related said.

Its news release did not provide specifics on the project with Wynn, saying only it would be a “resort, entertainment and gaming destination along the Hudson River,” and that it would be near the sprawling Javits Center convention facility.

Several casino companies have expressed interest in vying for New York’s three new licenses.

As the Review-Journal reported last month, companies expected to be in the running include Las Vegas casino giant MGM Resorts International and Florida’s Hard Rock International, which is buying The Mirage’s operations for more than $1 billion from MGM and has floated plans to build a guitar-shaped hotel tower on the Strip.

Others include Rhode Island-based Bally’s Corp., which recently completed its purchase of Tropicana Las Vegas, and Malaysian casino giant Genting Group, developer of Resorts World Las Vegas.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.