Caesars Palace Times Square receives support from property owners

This is the first time additional developers and property owners have publicly shown support towards the project.

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Ten new property owners in Times Square have joined the Coalition for a Better Times Square.

This coalition was formed to support the bid by SL Green, Caesars Palace and Roc Nation to bring Caesars Palace Times Square to 1515 Broadway.

Aby Rosen, RFR Co-Founder and Principal, said: “No location in the City is more suitable for the beginning of our gaming industry than Times Square, being the No.1 tourist destination and hub for entertainment, hospitality, retail and transportation.

“We join the Coalition for a Better Times Square and strongly support their efforts to bring a gaming facility to this neighbourhood and are confident the public and private benefits created will ensure a better future for all in this great City of ours.”

The 10 companies which have shown public support include Jamestown, which owns One Times Square and Sherwood Equities, which owns Two Times Square, as well as the owners of 5 Times Square, Paramount Building, Soho Properties, Moinian Group, Wharton Properties, RFR, Ian Schrager Company and Stillman Development.

Charlie Rosenberg, from The Paramount Building, said: “We all want the Times Square area to thrive and stay the economic hub of entertainment that it is today.

“That’s why we have joined the Coalition for a Better Times Square and are supportive of the bid for a gaming facility at 1515 Broadway.

“As one of the closest neighbours to the proposed site, we carefully considered the impact this bid would have on our neighbourhood."

The proposed gaming facility would be built over eight floors of a pre-existing 54-story tower.

Rosenberg continued: “The more we learned, the more it became clear that this is a once-in-a-lifetime opportunity to invest in the future of Times Square and firmly improve the quality of life for neighbours in the area.

“Our tenants include restaurants, small creative businesses, and Broadway industry leaders that would all benefit from this bid for a Caesars Palace Times Square.”

SL Green and Caesars Palace have also agreed to dedicate a portion of gaming revenue towards security, sanitation and traffic improvements in the area.

A spokesperson for Coalition for a Better Times Square said: “As our coalition continues to grow, two things are clear: a new gaming facility in Times Square has broad support from its neighbours and the current proposal for a new entertainment destination at 1515 Broadway would bring enormous benefits to the neighbourhood and its local small businesses.

“We look forward to continuing fighting for a cleaner and safer Times Square and investing in the future of a neighbourhood we all hope remains the center of the entertainment world in New York City.”

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