Caesars Palace Times Square Secures Sharpton's Endorsement, Welcoming Local Investments
In the heart of New York City's bustling Times Square, a significant development is underway. The Caesars Palace Times Square casino project, a $5.4 billion casino resort, is being proposed by a consortium consisting of Caesars Entertainment, SL Green Realty, and hip-hop mogul Jay-Z's entertainment agency, Roc Nation. The project aims to transform a 54-story office building at 1515 Broadway into a luxury hotel with 992 rooms, a rooftop observatory, spa, theater, and a gaming floor.
The project has garnered substantial support from various quarters. Over 200 organizations, notable industry figures like Geoff Ballotti, CEO of Wyndham Hotels & Resorts, several union representatives, and civil rights activist Rev. Al Sharpton, have voiced their backing. Rev. Sharpton, in partnership with digital real estate investor Ryan Williams, is advocating for an inclusive ownership model that allows local households to invest in the project starting at $500. This initiative aims to deliver equitable benefits to the community and harness leadership from influential figures like Jay-Z.
However, the project is not without its detractors. The Broadway theatre community, concerned about the casino’s proximity to many theaters and potential negative impacts on the cultural district, has expressed opposition. The proposal is one of eight bids competing for three downstate New York gaming licenses, with other notable bidders including MGM Resorts, Resorts World New York City, Bally’s, and Steve Cohen’s Queens-based casino project.
A rally is scheduled for Wednesday in Times Square to vocalize opposition to the proposed gaming venue. Groups behind the rally argue that previous promises made by Caesars and SL Green hold less weight today due to Broadway's rebound and the decline in crime in Times Square.
The Williams plan, aiming to make New York City commercial real estate accessible to ordinary people, could potentially allow them to build wealth. However, the odds of the Caesars Palace Times Square receiving approval have shortened, with some believing that a gaming venue in Manhattan is a heavy lift.
Notably, the announcement of Sharpton and Williams' support for the project came just two days before the deadline to submit applications for downstate casino licenses. As the project progresses, it remains to be seen how the community's opposition will influence the decision-making process for the future of gaming in New York City.
- The regional news in New York City has been focusing on the Caesars Palace Times Square casino project, a commercial gaming venture.
- The mid-atlantic real estate landscape is being impacted by the proposed casino resort, as organizations like SL Green Realty are involved in the development.
- Education-and-self-development discussions might include the Williams plan, which aims to democratize commercial real estate investing through initiatives like the Caesars Palace Times Square project.
- In the realm of general-news, sports, and entertainment, the future of gaming in New York City is uncertain, as the Caesars Palace Times Square project faces opposition from some quarters and competes with other bids.
