SL Green, Caesars Entertainment, Roc Nation and Live Nation submitted the official proposal for Caesars Palace Times Square (CPTS), formally kicking off a bid to bring the world’s top gaming, entertainment and hotel venue to the heart of the iconic Times Square entertainment district.
The proposal would transform an existing office building at 1515 Broadway into a 992-room, five-star hotel, with restaurants featuring local and international culinary innovation, a wellness retreat, world-class gaming and the hottest nightclubs and entertainment curated by Roc Nation. Designed to create transformative excess demand for local hotel rooms, restaurants, retail and entertainment, CPTS will create an economic halo effect for hundreds of existing establishments in neighboring communities, driving more than $26 billion in new spending.
The coalition supporting the bid now includes more than 200 organizations and businesses including local restaurants, hotels, residents, unions and Broadway stakeholders who stand to benefit from—rather than compete with—this exciting new project. Benefits include:
- $250 million in community benefits: Caesars Palace Times Square is committing $250 million directly to community projects. That will include a transformative, $81 million public safety plan for the surrounding neighborhood designed by former NYPD Commissioner Bill Bratton. It also includes $15 million for a new civil rights museum spearheaded by the Civil Rights Foundation, the establishment of the Manhattan Plaza Capital Trust and $5 million to support the development of the Callen-Lorde Center for Excellence in Sexual Health.
- $225 million for Broadway: More than 835,000 additional Broadway tickets are projected to be sold annually as a result of the project’s boost to demand overall, generating $124 million in annual revenue. Additionally, Broadway workers stand to gain tremendously from direct community investment, including a $32 million investment in child care, student and medical debt assistance, and rent support for Broadway workers as well as $20 million to purchase Broadway tickets for underserved families.
- Unprecedented revenue for City and State: As the fastest-to-market new gaming proposal, Caesars Palace Times Square is projected to generate transformative economic benefits for New York City and State, with over $7 billion in direct tax and fee revenue and $26.7 billion in local economic impact in its first ten years alone.
- Thousands of direct, good-paying jobs: The project will directly support more than 3,000 construction jobs and 3,800 permanent CPTS jobs, the vast majority of which are unionized and will be filled by New Yorkers. These permanent hospitality jobs have an average compensation of approximately $120,000 a year when factoring in tips and Caesars’ comprehensive benefits.
- An economic halo effect: CPTS creates long-term demand far beyond its own supply: guests are expected 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. Through the Caesars Rewards program, over 165 local businesses have already partnered to accept rewards points to ensure the project uplifts the existing Times Square economy rather than competing with it.
- Ownership Diversity: By utilizing Cadre’s unparalleled platform for reaching various individual investors at all income levels, in partnership with Rev. Al Sharpton, CPTS will empower local New York households with opportunities starting as low as $500. Historically, real estate investment has been out of reach for low-income New Yorkers, who have been underserved from opportunities of this scale.
- By New Yorkers, for New Yorkers: CPTS is a project built by New Yorkers with deep roots in the city—led by SL Green, Manhattan’s largest office landlord; Caesars Entertainment, which operates a successful sportsbook delivering significant tax revenues in New York; Roc Nation, the global entertainment powerhouse founded in New York by Jay-Z; and Live Nation, the world’s leading live entertainment company with a longstanding presence in Times Square through existing venues. The project is more than just a speculative venture by outsiders—it’s a seamless addition to our state’s economic and cultural engine that uplifts local businesses, honors neighborhood character, promotes diversity, and strengthens the future of Times Square for all New Yorkers.
- Commitment to responsible gaming: Caesars will bring its pioneering and well-recognized programs to mitigate problem gambling to CPTS. The programs are guided by the philosophy of ensuring that every guest enjoys their gaming experience for the right reason; to simply have fun. Caesars continues to set the standard for Responsible Gaming in the industry. CPTS goes a step further by committing to having no gaming activity on the ground floor, nor will any tables or gaming devices be visible from the street.
