Backers of the Caesars Times Square casino project submitted their official proposal

Caesars Entertainment (NASDAQ:CZR) official submitted its proposal for a Times Square casino license. The bid focused on the transformation of the office building at 1515 Broadway into a luxury five-star hotel and casino complex. The project, known as Caesars Palace Times Square, is a collaborative effort led by the casino giant, SL Green Realty Corp (NYSE:SLG), and Jay-Z’s Roc Nation, with Live Nation Entertainment (NYSE:LYV) also joining as a partner in the initiative.

The plan outlines the creation of a hotel featuring 992 rooms alongside a large-scale gaming and entertainment venue in the heart of Manhattan’s iconic district. Caesars (NASDAQ:CZR) and its partners have pledged a total direct investment of $5.4 billion into the project. The proposal highlights significant economic benefits, including the direct support of over 3,000 construction jobs and 3,800 permanent positions once operational. Over a ten-year period, the project is expected to generate $7 billion in taxes for the city and state.

The Coalition for a Better Times Square said the project will attract new tourists and drive visitors to support nearby hotels, restaurants, and retailers throughout Midtown. The proposal has also attracted notable endorsements from business leaders, including the CEO of Wyndham Hotels & Resorts (WH), and public figures such as Reverend Al Sharpton and digital real estate entrepreneur Ryan Williams. Despite the support, the project faces opposition from some local officials and major forces in the Broadway theater industry, which have expressed concerns about potential disruptions to the neighborhood.

The next steps for the various proposals for three New York City-region casinos include the formation of a local community advisory committee for each proposal, with bids requiring a two-thirds approval before advancing to state regulators. The New York Gaming Facility Location Board expects to announce the winning bids by the end of the current calendar year.