Jay-Z presents his proposal to the community, as part of the group aiming to acquire the Caesars Times Square property
Caesars Palace Times Square Expansion: A Transformative Project for Midtown Manhattan
A major redevelopment project is in the works for the heart of Manhattan, with the proposed Caesars Palace Times Square (CPTS) expansion set to turn the 54-story office tower at 1515 Broadway into a luxury hotel and entertainment complex.
The project is a collaboration between SL Green Properties, Caesars Entertainment, Roc Nation (founded by Jay-Z), and Live Nation. The plan includes the creation of a five-star hotel with 992 guest rooms, a rooftop observatory, extensive gaming space, and entertainment venues.
Key features of the CPTS expansion include the conversion of the office building into a luxury hotel offering panoramic views, over 150,000 square feet of gaming and entertainment space above street level, and integration of an interactive art display and separate theater entrances to boost its cultural appeal. The developers have emphasized a strategic approach that focuses on local content investment, community partnerships, and job creation.
The community benefits and economic impact of the CPTS expansion are projected to be substantial. The project is expected to create more than 3,800 permanent union hospitality and operations jobs, and over 3,000 union construction jobs, with preference given to New York City residents. Over $7 billion in tax and fee revenue is expected for New York City and State over the first 10 years, along with $23.2 billion in gross gaming revenue and $26.7 billion in overall economic activity for local businesses in that period.
The CPTS expansion is also set to generate more than 13 million meals annually at surrounding restaurants and $880 million in new annual retail spending in nearby districts. The developers have also announced support for local businesses through the Caesars Rewards network, partnering with over 165 local enterprises.
In addition, the CPTS expansion will collaborate with Broadway and entertainment partners, such as Sony Hall, Town Hall, and Live Nation, to bring new concerts and live entertainment to Times Square. Roc Nation's involvement will further enrich the cultural scene, working directly with local organizations and the Broadway community.
The CPTS expansion is currently under review among competing casino bids and requires community committee support before final approval. Jay-Z, co-founder of Roc Nation, presented at a Community Advisory Committee meeting to discuss the project, demonstrating his commitment to the transformation of Times Square into a global entertainment hub.
The CPTS expansion is one of three $500 million downstate licenses being contested. If approved, it will mark a significant milestone in the revitalization of Midtown Manhattan, offering substantial jobs, tax revenues, and community enrichment through cultural and business partnerships.
References:
- Caesars Palace Times Square
- Caesars Palace Times Square Expansion Plans
- Caesars Palace Times Square: Economic Impact Study
- Roc Nation and Caesars Palace Times Square Partnership
- The shared vision of SL Green Properties, Caesars Entertainment, Roc Nation, and Live Nation for the Caesars Palace Times Square (CPTS) expansion includes investing in real-estate, finance, and entertainment, as they plan to create a luxury hotel, gaming space, and entertainment venues.
- Jay-Z, co-founder of Roc Nation, demonstrated his passion for the transformation of Times Square into a global entertainment hub by presenting at a Community Advisory Committee meeting, highlighting the potential for celebrity collaborations and investments.
- The CPTS expansion, with its extensive gaming and entertainment space, rooftop observatory, and integration of an interactive art display, aims to attract both local and international visitors, contributing to the growth and vitality of the real-estate and finance industry in Midtown Manhattan.
