Caesars, SL Green announce pitch to build casino in NYC's Times Square

Oct. 21 (UPI) -- Caesars Entertainment, among the largest casino operators in the United States, has announced a pitch to build a casino in Times Square in New York City with developer SL Green Realty.

The proposal could have an enormous impact on Times Square, known as the Crossroads of the World, which is home to dozens of Broadway theaters and other entertainment.

It comes as companies are vying for one of three permits approved for the downstate New York region, two of which are expected to go to existing casino operators at the Resorts World racetrack in Queens and the Empire City Casino at Yonkers Raceway north of the city.

Caesars and SL Green announced in a joint statement that the companies had partnered to propose a redevelopment of 1515 Broadway, a 54-floor office tower located between 44th and 45th Streets, even though formal bidding for the license has not yet begun.

According to SL Green's website, the building is currently the headquarters of media giant Viacom and houses the Minskoff Theater where The Lion King is performed. The company said that the building would be designed to include a Broadway theater for the show.

As part of their proposal, the companies said the plan includes "significant security and traffic improvements" that would assist the city's efforts in reducing crime in the area.

"These efforts will make visitors feel safer, improve mass transit, encourage pedestrian travel, and mitigate vehicle congestion in the area, pursuant to a proposed traffic plan to be included as part of the project," the statement reads.

Marc Holliday, CEO of SL Green, said that the companies are working with local partners to pursue the license and that the casino could open quicker than others proposed because it would be a renovation of the existing building.

The Actors' Equity Association, the labor union that represents actors and stage managers, expressed support for the proposal in the announcement.

"The proposal from the developer for a Times Square Casino would be a game changer that boosts security and safety in the Times Square neighborhood with increased security staff, more sanitation equipment, and new cameras," the labor union said.

"We applaud the developer's commitment to make the neighborhood safer for arts workers and audience members alike."