The idea of three casinos eventually opening in downstate New York continues to take intriguing twists and turns. One of the latest came last week when Caesars Entertainment sent out a press release regarding a partnership with SL Green Realty Corp. to redevelop a Time Square site into a “a premiere entertainment and gaming destination.”
The proposed address is 1515 Broadway.
Talk about prime real estate. While there might not be any renderings for Caesars Palace Times Square, it’s clear the location is being taken into consideration. Caesars Palace Las Vegas has the Colosseum. Fittingly, the proposed NYC plans include a Broadway theater for “The Lion King.” For now, Minskoff Theatre will continue to be the show’s home.
Of course, the bigger benefit for gamblers would be those Caesars Rewards points earned at the Atlantic City casino could be used for a Big Apple trip.
But this is all hypothetical at this point. Here is a closer look at what a Caesars Entertainment opening a NYC casino could mean for the AC market.
What we know about the Caesars Entertainment and Times Square plans
So before looking at the potential impact on Atlantic City, here’s a closer look at the Caesars NYC plans.
The proposed project will be 100% privately funded with Caesars licensing its brand to manage the operations under a long-term management contract. Tom Reeg, CEO of Caesars Entertainment, commented on how this “five-star project will meet and exceed New Yorkers’ expectations.”
“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,” Reeg said. “As one of the largest mobile sportsbooks in New York, Caesars is passionate about New York itself.”
And it would seem like a no-brainer design plans will include a massive Caesars Sportsbook retail location.
Marc Holliday, CEO of SL Green, talked about how Times Square “offers the best location for a new resort casino.”
“Times Square is the center of the entertainment universe. Because we are proposing a renovation, once the license is issued, we can open quicker than other facilities, which require entirely new construction, changes in law, and will be disruptive to their local communities,” Holliday said.
The specifics as to what that renovation will include will come if and when the project gets the green light.
Big names battling over three potential New York City casino licenses
Keep in mind, even with this Caesars/SL Green partnership in place, Caesars Palace Times Square is far from a guarantee. Several global gaming companies share a similar New York Casino state of mind as well. The list includes:
- Hard Rock International
- Wynn Resorts
- MGM Resorts
- Resorts World
- Las Vegas Sands
They’re competing for three potential licenses. The Gaming Facility Location Board panel will be taking on the responsibility of establishing the New York City casinos.
Caesars Times Square is a short ride up the New Jersey Turnpike
For North Jersey residents, commuting to Times Square would be much quicker than traveling to Caesars AC. Gamblers traveling to Hoboken or Secaucus, for example, could use public transportation. Driving would be another option.
So it makes sense Caesars Palace Times Square would become the casino destination of choice for some Garden State gamblers. Tropicana Atlantic City, Harrah’s Resort and Caesars AC would be secondary options for say weekend getaways or dinner at Gordon Ramsay’s Hell’s Kitchen.
However, NYC casinos, no matter which companies are awarded the licenses, would potentially have a negative impact on AC casino revenue. When casinos started opening around Pennsylvania, Atlantic City felt the impact. Adding full-fledged casino gambling on the other side of the Hudson River would potentially have an even bigger impact, especially if global names like Caesars, MGM and Hard Rock land the licenses.
Again. keep in mind, the NYC casino plans are still in the very preliminary stages. The licensing process is just the next step in this highly competitive race.
Cross-marketing opportunities for Caesars Entertainment
However, if Caesars ends up landing a license, some might view it as a positive. Think about it.
For one, Caesars operates more than 50 casinos across the US. And those Caesars Rewards points can be earned and redeemed across the country. And 27 jurisdictions offer sports betting. With NYC being as big as it gets, a Times Square casino hotel would open the door for cross-selling and marketing opportunities.
Since online casinos are not legal in New York yet, there could be opportunities to promote the Caesars NJ online casino app. After all, New Jersey is a short ride away.
Additionally, with Caesars Entertainment investing $400 million in Atlantic City market, there are plenty of reasons for New Yorkers to visit the Jersey Shore, especially during the summer. Spending a couple nights at the Nobu Hotel opening at Caesars AC in 2023 would be one option.
Plus, John Koster, the regional president for Caesars Entertainment, recently spoke to PlayNJ about reintroducing customers to the new Caesars AC.
For now, Atlantic City casino companies will monitor the NYC casino news from a distance. And like with when casinos opened around Pennsylvania, adjustments will be made if and when they’re needed.
