Caesars’ push for a Times Square casino development in New York, which is being undertaken alongside SL Green and Roc Nation, has gained the support of a local coalition.
The Coalition for a Better Times Square, a collective of local businesses and unions, has thrown its support behind the bid, which it has labelled as the “opportunity of a lifetime”.
Following a request for applications getting underway last week, the Coalition has cited an influx of closing Broadway shows, of which it is said there’s 16 that will impact 39 per cent of theatres, in emphasising the need for added investment to revitalise and rejuvenate the area.
“This weekend alone, four Broadway shows (1776, Into the Woods, Almost Famous and Beetlejuice) will be closing their doors, another indication that Times Square has yet to make an economic recovery since the beginning of the pandemic,” a statement issued by the group said.
“With a record number of shows unexpectedly closing this season, we are at a critical moment in defining the future of Broadway and the Times Square area.”
In disclosing plans for the facility last year, the aforementioned trifecta noted that the venue, named Caesars Palace Times Square, would provide “billions” in tax revenue to New York city and state.
It also suggested that a Times Square development would accelerate New York’s economic recovery via strategic partnerships with area businesses utilising Caesars Rewards, a loyalty program that includes 65m users.
“Fortunately, there is an opportunity to bring a new influx of visitors to the theater district and ensure that Times Square remains the greatest entertainment destination for New York City: Caesars Palace Times Square,” the coalition statement continued.
“The current proposal by SL Green, Caesars Entertainment, and Roc Nation, and supported by this coalition, would generate an estimated 412,000 new Broadway ticket sales annually and bring more than $65m in new revenue for the Broadway industry.
“The coalition supports Caesars Palace Times Square because it is being designed specifically to support Broadway and the entire Times Square community, bringing an influx of tourists and New Yorkers to the area’s hotels, restaurants and entertainment venues.”
The impact of this development, should it succeed, “will be a better Times Square for everyone,” the Coalition has suggested.
This, it added, would see a 50 per cent reduction in traffic congestion, seven million new visits per year, more than $166m in new retail spending, over 636,000 extra hotel stays, $65m in extra revenue on Broadway and 8,900 off-site jobs supported by the project during operations.