Developers want to transform 1515 Broadway into Caesar’s Palace Times Square. Andrew Siff reports.
Place your bets on where New York City's first casinos will end up being located, as a group of Times Square business owners are going all in to land the city's final license.
But they're going up against a heavy hitter: Mets Owner Steve Cohen, and he's not their only opponent.
Just two weeks before the ball drops in midtown Manhattan to ring in the new year, developers are hoping for a mic drop from the New York Gaming Commission that will allow them to transform the view at 1515 Broadway into Caesar’s Palace Times Square.
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"When you’re in the construction industry, you can reimagine anything. I can see it happening," said Michael McGuire of the Laborers Union. He's hoping that when the Gaming Commission decides next year, thousands of jobs are part of the winnings.
Upstate New York already has casinos. Downstate New York will get three licenses, with many expecting Queens racetrack Aqueduct and Yonkers Raceway to each get one because they already have slot machines.
The last remaining bid will likely go to developers in Coney Island, Hudson Yards, Times Square or across from Citi Field. Applications open January 6th.
"As a native New Yorker, a lot of people avoid Times Square. This is the type of thing that would bring me back to Times Square," said McGuire.
But there is also opposition. The Broadway League said that "every dollar spent at the craps table, roulette wheel or slot machine is a dollar not spent on a play, dinner, or a souvenir. This is cause for alarm."
Ken Sturm, the owner of Bacalls Restaurant on 44th Street, likes the idea of a Caesar's Palace across the street. That's because despite the holiday cheer, his business still hasn’t fully recovered from COVID.
"New York City always needs some new vitality" Strum said. "There’s gotta be a reason to come to Times Square besides getting a hug from Elmo and getting a picture taken."
The $3 billion proposal from realtor SL Green for Times Square would turn the 53 story office tower into a hotel atop the casino. But there’s major competition: Related Companies wants a casino on the West Side of Hudson Yards, and Mets Owner Steve Cohen has lobbied the mayor for space next to a new soccer stadium planned across the street from Citi Field.
"We are not locked into a particular location and we don’t have power over that to be honest," said New York City Mayor Eric Adams.
The decision will come down to the state-controlled Gaming Commission. When it became an issue in the race for governor in the fall, Gov. Kathy Hochul stayed focused on the economics of a casino.
"We have an opportunity to create thousands of jobs for people in hospitality for people who haven’t come back because of the pandemic," she said.
Applications open in three weeks, and a final decision is possible in summer 2023.
