Caesars Palace Times Square: A $5.4B Local Content Investment Reshaping NYC’s Entertainment Core

The proposed Caesars Palace Times Square (CPTS) project—backed by SL Green, Caesars Entertainment, Roc Nation, and Live Nation—has emerged as one of New York City’s most closely watched development bids. More than a casino, it’s a vertically integrated economic engine with ambitions to reshape Midtown Manhattan’s commercial core and redefine how public-private partnerships contribute to community wealth.

At the center of the plan is a conversion of 1515 Broadway into a five-star hotel and entertainment destination. But what sets this project apart is its strategic approach to local content compliance, inclusive investment, and civic infrastructure.

Investment, Jobs & Revenue – By the Numbers

• $5.4 billion in total direct development investment
• $7 billion+ in projected tax and fee revenue to NYC and NYS over 10 years
• $23.2 billion+ in gross gaming revenue (GGR) over 10 years
• $26.7 billion in projected economic activity for local businesses 3,800+ permanent union jobs in hospitality and operations 3,000+ union construction jobs, many prioritized for NYC residents
• 992 luxury hotel rooms, built within an adaptively reused Midtown office tower 150,000+ square feet of gaming and entertainment space
• 165+ local businesses partnered through the Caesars Rewards network
• 13 million+ meals expected to be generated for surrounding restaurants annually
• 2,400+ hotel room nights of spillover demand projected daily
• $880 million in new annual retail spending in surrounding districts

Local Content, Equity & Community Development

• $250 million+ committed to direct community benefit investment
• $81 million for a Times Square public safety plan
• $15 million to establish a Civil Rights Museum
• $5 million for Callen-Lorde’s new Center for Excellence in Sexual Health
• $225 million allocated to support Broadway’s cultural and labor ecosystem $32 million for Broadway worker support (childcare, housing, medical debt)
• $20 million in subsidized ticket access for underserved families
• $500 minimum investment entry point for everyday New Yorkers via Cadre’s platform Community equity offering designed to broaden access to real estate ownership Potential model for democratized capital participation in future urban developments

Strategic Positioning

Located in the most transit-accessible district in NYC—Times Square Uses existing vertical footprint for low-carbon, fast-to-market execution Proposes zero gaming visibility from the street and no gaming on ground level—adhering to responsible gaming design standards Leverages existing Broadway infrastructure and tourism draw, instead of displacing it

A Blueprint for Post-Pandemic Recovery

Caesars Palace Times Square aligns with New York’s broader efforts to modernize Midtown, maximize underutilized commercial assets, and boost inclusive economic growth. Its backers bring a uniquely local mix of real estate expertise, cultural cachet, and hospitality management experience. More importantly, the proposal balances profitability with public accountability—a balance that could set a new standard for large-scale urban development in the nation’s densest and most politically complex market.