NY Casino License Applicant Promises $250m for Local Causes
LISTEN TO THIS ARTICLE:There is intense competition for one of the three new downstate casino licenses on offer in New York with interest from several of the world’s largest gambling and entertainment companies. Those interested in obtaining a license have until July 31, 2024, to submit their bids, with approvals expected by March 31, 2025.
Among the applicants is a collaborative bid for a property in the NYC metro area from Caesars Entertainment, Jay-Z's Roc Nation, and SL Green. This joint venture aims to develop a casino in Times Square, transforming the site at 1515 Broadway between W. 44 and W. 45 Streets.
A Boost for Local Residents and Businesses
Brett Herschenfeld, executive vice president at SL Green, recently highlighted the potential benefits of the proposed Caesars Palace Times Square casino. He emphasized the significant investment planned for local communities and residents.
Currently, a 54-story building occupies the site, but the plan is to convert it into a casino offering games reminiscent of Las Vegas. This transformation is expected to stimulate the economy, generate tax revenue, and boost local businesses.
Central to the bid is proposal to invest $250 million in Hell’s Kitchen and Midtown communities. If the license is secured, Caesars, Roc Nation, and SL Green have committed to this substantial funding, aiming to support local environmental projects, enhance sanitation, and plant hundreds of new trees. Additionally, a composting initiative will benefit from this investment.
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Immediate Benefit to the Community
According to Herschenfeld, the local community will start to benefit as soon as the license is granted.
I’m starting the investment the day I win the license. I’m not waiting until we open for business. I will start making those investments in the community the second I win that license.
Herschenfeld also acknowledged the responsibility that comes with this project and said he is confident it will have a positive impact on small businesses and restaurants in the vicinity.
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