CBTS, a coalition comprised of theatre workers, local business owners, hotels, construction firms, and other stakeholders operating in Times Square and the vicinity, has voiced its support for the licensing of Caesars Entertainment’s latest gaming and entertainment project at the iconic Times Square in New York pointing out that it will boost all businesses surrounding the casino as it is estimated the new venue would bring in $967 million of yearly spending in the area.
Caesars Casino to Revitalize Times Square and the Area
The state of New York announced it will be adding three new casino licenses to New York City. Caesars Entertainment has partnered with real estate investment company SL Green Realty Corp to try and grab one of those licenses.
Broadway World reported that CBTS have said they are supporting the project as it is expected to revitalize Times Square bringing in tourists and New Yorkers back to the area, which was left more or less deserted as a result of the pandemic.
According to estimations, 7 million new visitors are expected to come in connection with the development, which equals about 636,000 hotel stays outside of the Caesars venue. $166 million are expected to be generated in retail spending in the area on a yearly basis.
David Levy, Communications Director at Actors’ Equity Association, which is also part of the CBTS, has commented that he sees the project as highly beneficial for Broadway as a whole. He noted that the casino will not only bring a multitude of theatre-goers but it will mean investments i ufa800 n traffic improvements and security monitoring in the area.
Caesars Entertainment has announced that it will use its Caesars Rewards program to form partnerships with businesses from the area. For example, this could mean that reward points will be used for restaurant meals, retailer vouchers, tickets for shows on Broadway, and many more. The company has assured that all businesses will benefit from the new project.
Not All Are in Favor of the Caesars Project
Various organizations have also voiced a range of concerns in connection with the Caesars project for a casino at Times Square. The trade organization for the Broadway industry, The Broadway League, for example, has noted that Times Square and the surrounding area already have a problem with traffic congestion and a casino on Times Square will only make this issue worse.
According to the organization, Broadway is the main driver for tourism and revenue in the neighborhood and a casino will only overwhelm the product offerings. This would jeopardize the balance of the Broadway theatre industry to the disadvantage of both the area and New York City.
