Caesars Entertainment announced today it will attempt to procure one of three available downstate New York casino licenses for a new casino in the heart of Times Square.
Caesars Entertainment’s announcement comes one week after Thor Equities told ESNY it will also be in market for one of the available licenses for a planned casino at Coney Island.
Caesars Entertainment, through its Caesars Sportsbook brand, currently has one of nine live New York online sports betting apps available for New York residents.
Caesars Casino in Times Square
Caesars Entertainment, in a partnership with SL Green Realty Corp., announced today in a press release it will pursue one of the valuable downstate casino licenses to construct a new casino in Times Square.
Caesars publicly announced plans for “Caesars Palace Time Square” at 1515 Broadway. According to the company, it will provide billions in tax revenue to New York City and the state, while also accelerating New York’s economic recovery through strategic partnerships with area businesses.
Caesars and SL Green are also proposing security and traffic improvements for the area as part of their plan.
“Caesars is thrilled to partner with SL Green in connection with a five-star project that will meet and exceed New Yorkers’ expectations for world-class entertainment, immediately enhancing New York City’s tourism engine and elevating this one-of-a-kind global destination to new heights,” said Tom Reeg, CEO of Caesars, in the release.
The planned casino will also be designed to include a Broadway Theater for The Lion King.
Three New York Casino Licenses Up For Grabs
The casino licensing process is just beginning, with a determination on licenses unlikely to come before 2023 at the earliest.
The next step in the process will be for the board to issue a formal request for application (RFA), which will not happen until January 2023, according to a New York downstate casino website.
Interest in the licenses will be very high. Firms and developers will submit bid packages to the siting board and undergo a competitive licensing process, which will be similar to the New York online sports betting license process operators underwent last year.
Developers and potential license holders must include what they will be willing to pay in taxes in their applications, so long as the tax rates are at least 25% for slot gross gaming revenue and 10% for gross gaming revenue from all other sources.
Potential casino hosts will be required to include a revenue impact in their application, pay a $1 million application fee to the commission, and prove compliance and approved with all required state and local zoning requirements.
The Gaming Commission will have the final say on license approval after the board makes its selection.