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HomeReal EstateCaesars and developer SL Inexperienced pitch Occasions Sq. on line casino plan

Caesars and developer SL Inexperienced pitch Occasions Sq. on line casino plan

Video slot machines at Caesars Palace in Las Vegas, Nevada.

George Rose | Getty Pictures

Developer SL Green Realty is working with on line casino operator Caesars Entertainment on a bid to carry a on line casino to New York’s Occasions Sq., the businesses introduced Thursday.

The companions mentioned the proposed undertaking would redevelop Occasions Sq. constructing 1515 Broadway into Caesars Palace Occasions Sq., which can embrace a Broadway theater that can be house to “The Lion King” and different leisure sights.

In addition they promised the event would “speed up financial restoration for surrounding companies” in Occasions Sq., in addition to “create good-paying union jobs for New Yorkers.”

In April, New York state authorised as much as three full-service casinos for the downstate New York space, with two licenses prone to go to present on line casino operators — Resorts World racetrack on line casino in Queens and the Empire Metropolis On line casino at Yonkers Raceway, north of the Bronx.

Now, competitors for the third license that Caesar is aiming for is heating up amid a public bid for a on line casino in close by Hudson Yards from Associated Firms and Wynn Resorts.

“We imagine that Occasions Sq. gives the most effective location for a brand new resort on line casino that may entice vacationers and profit native companies. Our method will be sure that under-represented communities profit each when it comes to employment and funding alternatives,” mentioned Marc Holliday, CEO of SL Inexperienced, in a statement.

Holliday added that as a result of the undertaking can be a renovation as a substitute of a brand new development, the opening can occur faster than different proposed amenities, and with out modifications to the legislation or disruption to native communities.

In 2013, New York voters authorised a constitutional modification that granted seven full-scale on line casino licenses for the state — 4 of which went to areas upstate and the remaining three allotted for the New York Metropolis space. The approval course of is anticipated to be prolonged and expensive, with licenses costing no less than $500 million every.

Caesars Palace Occasions Sq. can be 100% privately funded, the SL Inexperienced and Caesars Leisure mentioned, with Caesars managing the on line casino’s operation and model.

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