Caesars Palace Times Square Proposal: A Sustainable Development Initiative

Introduction

SL Green, Caesars Entertainment, Roc Nation, and Live Nation have officially submitted a proposal for Caesars Palace Times Square (CPTS), aiming to establish a premier gaming, entertainment, and hotel venue in the heart of Times Square, New York City. This initiative aligns with several Sustainable Development Goals (SDGs) by promoting economic growth, sustainable cities, and community well-being.

Project Overview

1. Transformation of 1515 Broadway into a 992-room, five-star hotel featuring:
   • Restaurants with local and international culinary innovation
   • A wellness retreat
   • World-class gaming
   • Nightclubs and entertainment curated by Roc Nation
2. Adaptive reuse of an existing building, enhancing sustainability and accessibility via public transportation.
3. Projected economic impact exceeding $26 billion in new spending, benefiting local hotels, restaurants, retail, and entertainment sectors.

Community and Economic Benefits

• $250 million in community benefits including:
  • $81 million public safety plan designed by former NYPD Commissioner Bill Bratton
  • $15 million for a new civil rights museum
  • Establishment of the Manhattan Plaza Capital Trust
  • $5 million to support the Callen-Lorde Center for Excellence in Sexual Health
• $225 million investment in Broadway resulting in:
  • 835,000 additional Broadway tickets sold annually
  • $124 million in annual revenue
  • $32 million for childcare, student and medical debt assistance, and rent support for Broadway workers
  • $20 million to purchase Broadway tickets for underserved families
• Unprecedented revenue generation for New York City and State:
  • Over $7 billion in direct tax and fee revenue within the first ten years
  • $26.7 billion in local economic impact
• Job creation:
  • More than 3,000 construction jobs
  • 3,800 permanent unionized jobs with average compensation of approximately $120,000 annually
• Economic halo effect stimulating demand for:
  • 13 million additional meals annually at local restaurants
  • Over 2,400 hotel rooms nightly in surrounding hotels
  • $880 million in incremental annual retail purchases
  • Partnership with over 165 local businesses through the Caesars Rewards program
• Ownership diversity through Cadre’s platform, enabling investment opportunities starting at $500 for local New York households.

Alignment with Sustainable Development Goals (SDGs)

• SDG 8: Decent Work and Economic Growth – Creation of thousands of good-paying, unionized jobs and support for local businesses.
• SDG 9: Industry, Innovation, and Infrastructure – Adaptive reuse of existing infrastructure promoting sustainable urban development.
• SDG 11: Sustainable Cities and Communities – Enhancing the cultural and economic vitality of Times Square while respecting neighborhood character.
• SDG 10: Reduced Inequalities – Empowering low-income New Yorkers through accessible investment opportunities and community-focused benefits.
• SDG 3: Good Health and Well-being – Investment in wellness retreats and support for sexual health services via the Callen-Lorde Center.
• SDG 17: Partnerships for the Goals – Collaboration among over 200 organizations including local businesses, unions, and cultural institutions.

Responsible Gaming Commitment

Caesars Entertainment will implement pioneering responsible gaming programs to ensure guests enjoy gaming for entertainment purposes only. The project commits to no gaming activity on the ground floor and no visible gaming devices from the street, promoting a safe and responsible environment.

Key Project Statistics

• $5.4 billion total direct investment
• $23.2 billion+ Gross Gaming Revenue projected in the first 10 years
• 3,800+ permanent jobs, primarily for New Yorkers
• 3,000+ construction jobs
• $7 billion in direct tax revenue over 10 years
• $26.7 billion in local economic activity over 10 years
• 992 hotel rooms and 150,000+ square feet of gaming space
• Restaurants by renowned chefs including Daniel Boulud, Gordon Ramsay, Bobby Flay, Melba Wilson, and Lucali’s
• Reimagined and renovated Broadway theater

Stakeholder Endorsements

• Brett Herschenfeld, SL Green: Emphasizes sustainability, transit accessibility, and community investment.
• Thomas R. Reeg, Caesars Entertainment: Highlights job creation and tourism benefits.
• Desiree Perez, Roc Nation: Focuses on inclusivity and community connection.
• Labor Unions and Community Leaders: Support the project for its job creation, local hiring commitments, and community benefits.
• Local Business Owners and Cultural Institutions: Anticipate increased economic activity and support for the hospitality and arts sectors.

Conclusion

The Caesars Palace Times Square project represents a comprehensive approach to sustainable urban development, economic growth, and community empowerment. By aligning with multiple Sustainable Development Goals, the initiative promises to revitalize Times Square, support local communities, and foster inclusive prosperity for New Yorkers.

Additional Resources

• Executive Summary of the Bid
• High-Resolution Renderings of the Project

1. Sustainable Development Goals (SDGs) Addressed or Connected

1. SDG 8: Decent Work and Economic Growth
   • Creation of thousands of direct, good-paying jobs (3,800 permanent jobs and 3,000 construction jobs).
   • Support for unionized labor and local hiring.
   • Economic benefits and tax revenue generation for New York City and State.
2. SDG 11: Sustainable Cities and Communities
   • Adaptive reuse of an existing building, promoting sustainability.
   • Enhancement of the Times Square entertainment district and local community benefits.
   • Investment in public safety and community projects.
3. SDG 9: Industry, Innovation, and Infrastructure
   • Development of a world-class entertainment, gaming, and hotel venue.
   • Investment in infrastructure with a focus on transit accessibility.
4. SDG 10: Reduced Inequalities
   • Ownership diversity through investment opportunities for low-income New Yorkers.
   • Support for underserved families and communities.
5. SDG 3: Good Health and Well-being
   • Commitment to responsible gaming programs to mitigate problem gambling.
   • Investment in the Callen-Lorde Center for Excellence in Sexual Health.
6. SDG 4: Quality Education
   • Investment in child care and student debt assistance for Broadway workers.
7. SDG 17: Partnerships for the Goals
   • Collaboration among over 200 organizations and businesses including unions, local restaurants, and cultural institutions.

2. Specific Targets Under Identified SDGs

1. SDG 8: Decent Work and Economic Growth
   • Target 8.5: Achieve full and productive employment and decent work for all women and men.
   • Target 8.3: Promote development-oriented policies that support productive activities and decent job creation.
2. SDG 11: Sustainable Cities and Communities
   • Target 11.3: Enhance inclusive and sustainable urbanization and capacity for participatory planning.
   • Target 11.6: Reduce the adverse per capita environmental impact of cities.
   • Target 11.7: Provide universal access to safe, inclusive green and public spaces.
3. SDG 9: Industry, Innovation, and Infrastructure
   • Target 9.1: Develop quality, reliable, sustainable infrastructure.
4. SDG 10: Reduced Inequalities
   • Target 10.2: Empower and promote social, economic and political inclusion of all.
5. SDG 3: Good Health and Well-being
   • Target 3.5: Strengthen the prevention and treatment of substance abuse, including harmful use of alcohol.
   • Target 3.7: Ensure universal access to sexual and reproductive health-care services.
6. SDG 4: Quality Education
   • Target 4.3: Ensure equal access for all women and men to affordable and quality technical, vocational and tertiary education.
7. SDG 17: Partnerships for the Goals
   • Target 17.17: Encourage and promote effective public, public-private and civil society partnerships.

3. Indicators Mentioned or Implied to Measure Progress

1. Employment and Economic Indicators
   • Number of permanent and construction jobs created (3,800+ permanent, 3,000+ construction jobs).
   • Average compensation of jobs created (~$120,000/year including tips and benefits).
   • Direct tax and fee revenue generated ($7 billion in first 10 years).
   • Local economic impact ($26.7 billion in first 10 years).
2. Community Investment Indicators
   • Amount committed to community benefits ($250 million).
   • Investment in public safety ($81 million).
   • Funding for civil rights museum ($15 million) and sexual health center ($5 million).
   • Investment in child care, debt assistance, and rent support for Broadway workers ($32 million).
3. Tourism and Cultural Indicators
   • Additional Broadway tickets sold annually (835,000+).
   • Annual revenue generated from Broadway ticket sales ($124 million).
   • Incremental annual retail purchases ($880 million).
   • Number of hotel rooms (992 rooms in CPTS plus demand for 2,400+ surrounding hotel rooms).
4. Health and Well-being Indicators
   • Implementation of responsible gaming programs to mitigate problem gambling.
   • Expansion of sexual health services (Callen-Lorde Center investment).
5. Inclusivity and Diversity Indicators
   • Investment opportunities starting at $500 for low-income New Yorkers.
   • Partnerships with over 165 local businesses accepting Caesars Rewards points.

4. Table of SDGs, Targets, and Indicators

Source: businesswire.com