The New York State Latino Restaurant Bar & Lounge Association (NYSLRBLA) has thrown its support behind the proposal to bring a boutique casino hotel to the Times Square neighborhood of New York City.
The plan to redevelop up to eight floors of an existing 54-story office tower at 1515 Broadway into a premier entertainment and gaming destination is the brainchild of Caesars Entertainment Incorporated working in partnership with the SL Green Realty Corporation real estate investment trust and the Roc Nation management agency. The envisioned Caesars Palace Times Square facility could encompass as much as 250,000 square feet of gaming space alongside 950 hotel rooms and a plethora of entertainment and restaurant spaces.
Caesars Entertainment Incorporated floated its plan to bring a boutique casino to central Manhattan late last year and is now working towards securing one of the three associated ‘downstate’ licenses being put up for grabs by the New York State Gaming Commission. The prominent operator went on to partner with SL Green Realty Corporation and Roc Nation before establishing its Coalition for a Better Times Square industry group.
For its part and the NYSLRBLA represents Hispanic and minority-owned food and beverage concerns across the tri-state area encompassing over 350 restaurants ranging from small Latino enterprises to larger gourmet establishments. The group recently followed numerous other local businesses, labor unions and community organizations in joining the Coalition for a Better Times Square organization so as to better advocate in favor of the proposed Caesars Palace Times Square project.
“Times Square is the right place for New York’s next gaming destination, hands down,” Jeff Garcia, President for the NYSLRBLA, said. “It’s great not only for the Times Square area but for the city as a whole and we believe the increased tourism is going to directly benefit small and minority-owned businesses across the five boroughs.”
Economic forecasts indicate that a state-of-the-art gaming and entertainment destination in Times Square could see the storied area chalk up as much as $967 million in additional aggregated receipts every year from over seven million new annual visitors. The developers believe that their proposal, which comes complete with improved congestion, sanitation and security strategies, would moreover help the Manhattan neighborhood’s existing raft of hotels, theaters and restaurants while simultaneously bolstering an already extensive compliment of retail and dining options.
“The NYSLRBLA is among the most trusted and influential groups within New York City’s food and beverage industry,” read a joint statement from Caesars Entertainment Incorporated, SL Green Corporation and Roc Nation. “The NYSLRBLA’s support for a gaming destination in Times Square is a testament to the broad and city-wide impact of our proposal. A gaming destination in the heart of New York City, above the city’s largest transit center, means more customers and more opportunity for restaurants and bars across the city.”