Two of the largest property owners in New York’s Times Square have said they support the possible construction of a Caesars Palace Times Square casino. In particular, it was supported by Jamestown and Sherwood Equities, which own the One Times Square and Two Times Square properties.
New York is currently considering applications for three casino licenses. This will allow their owners to offer commercial games in the state. SL Green, Caesars Entertainment and Roc Nation have teamed up in 2022 with a project to open in the city’s main square.
While the project is currently supported by two major property owners, it also has support from SoHo Properties, Moinian Group, Wharton Properties, RFR Holding, Ian Schrager Company and Stillman Development.
Times Square, according to RFR co-founder and director Aby Rosen, is a destination for local tourists and foreigners, as well as a playground for New Yorkers. He added that no location other than this would be more suitable for gaming expansion.
Each of the three approved gaming license applicants must pay $500 million for the permit. This amount is also provided as a necessary investment in the project.