The casino proposal of Caesars Palace in Times Square, New York City, sees a $22.5 million funding shift from Manhattan Plaza.
Revised Community Benefits Plan for Caesars Palace Times Square Casino Expansion
In a significant development for the Caesars Palace Times Square casino expansion, the project's community benefits package has been revised to address concerns from West Side residents and organizations. The original plan, which allocated $22.5 million and 0.5% of future casino profits to Manhattan Plaza, a subsidized housing complex for Broadway workers, has been replaced with a broader $250 million investment over 10 years [1][3][5].
The new funding plan now channels resources through the West Side Community Fund (WSCF), a nonprofit organisation that supports various neighbourhoods including Hell's Kitchen, Chelsea, and Hudson Yards. This change aims to distribute the funds more equitably across the community, with residents, block associations, and local businesses playing a role in deciding how to use the resources.
The casino bid is led by a partnership including Caesars Entertainment, SL Green Realty, and Roc Nation, Jay-Z's entertainment company. The project is a $5.4 billion proposal to convert an office building at 1515 Broadway into a casino resort, promising more than 3,800 permanent jobs and 3,000 construction jobs. The developers emphasize economic stimulation through job creation, tourism, and support of local businesses, asserting that the casino would complement rather than compete with Times Squareβs Broadway entertainment district [1][2][4].
The revised community benefits plan has been met with mixed reactions. While some see it as a step towards addressing the concerns of the West Side community, others express worries about increased congestion, crime, and negative impacts on quality of life [1][2]. A six-member Community Advisory Committee (CAC) has been appointed by local and state officials to evaluate the bid, with public hearings scheduled and a recommendation due by September 30, 2025. The CAC must secure at least four affirmative votes to move the application to the final Gaming Facility Location Board [1].
In summary, the Caesars Palace Times Square casino expansion features a revised and broader community benefits plan, centered on a $250M investment, including a newly structured West Side Community Fund to equitably support local neighbourhoods, alongside promises of significant job creation and economic growth. However, the project faces community debate as it progresses through state licensing.
- The change in the funding plan for Manhattan Plaza was triggered by the pushback from West Side residents and organizations.
- The funding originally pledged for the 1,600-unit affordable housing complex at Manhattan Plaza was part of the Caesars Palace Times Square casino project's $250 million community benefits package.
- The initial funding plan for Manhattan Plaza provided $22.5 million and 0.5% of profits in perpetuity to Manhattan Plaza.
- SL Green, Roc Nation, and Caesars Entertainment are parties involved in the Caesars Palace Times Square casino bid.
- The new plan does not include the original funding for Manhattan Plaza.
- The exact details of the new funding plan are not specified in the article.
Casino-and-gambling activities are part of the expanded Caesars Palace Times Square, as the project aims to generate more than 3,800 permanent jobs and 3,000 construction jobs, offering a variety of casino games. The initial funding plan for an affordable housing complex at Manhattan Plaza, amounting to $22.5 million and 0.5% of profits in perpetuity, has been replaced in the revised community benefits plan.
