SL Green Realty Corp. and Caesars Entertainment announced a partnership to redevelop 1515 Broadway as an entertainment and gaming property at Times Square. The proposed rebranded property will be called Caesars Palace Times Square and will be designed to include a Broadway Theater for The Lion King.
"A casino in Times Square is in keeping with existing uses in the area. Times Square is the center of the entertainment universe. Because we are proposing a renovation, once the license is issued, we can open quicker than other facilities, which require entirely new construction, changes in law, and will be disruptive to their local communities,” said Marc Holliday, CEO of SL Green.
The partnership hopes to accelerate New York’s pandemic economic recovery and provide tax revenue to New York City and State. Caesars Rewards members will be able to use credits at Broadway shows, local hotels, restaurants, retail stores, comedy clubs, and more in the Times Square area. The two companies are also proposing significant security and traffic improvements as part of their proposal.
SL Green Realty Corp. is a fully integrated real estate investment trust. It is also Manhattan’s largest office landlord. As of September 30, 2022, SL Green held interests in 62 buildings totaling 33.6 million square feet. This included ownership interests in 29.3 million square feet of Manhattan buildings and 3.5 million square feet securing debt and preferred equity investments.