Caesars Palace Times Square has become a surprise contender to establish itself as the new home of NYC’s theater scene, following the closure of 16 Broadway shows in the space of two months.
The Coalition for a Better Times Square, an entertainment company, said that these closures had impacted 39% of all Broadway theaters in a statement released this week. The statement read: “This weekend alone, four Broadway shows (1776, Into the Woods, Almost Famous and Beetlejuice) will be closing their doors.
“This is another indication that Times Square has yet to make an economic recovery since the beginning of the pandemic. With a record number of shows unexpectedly closing this season, we are at a critical moment in defining the future of Broadway and the Times Square area.”
However, a group of businesses including SL Green, Roc Nation and Caesars Entertainment has argued Caesars Palace Times Square would provide much-needed lifeblood to NYC’s flagging entertainment sector.
Supported by the Coalition, this group says that the venue would generate an estimated 412,000 new Broadway ticket sales annually and bring more than $65m in revenue to the Broadway industry.
Caesars and SL Green first announced their bid to develop a casino in Times Square in October 2022. The pair want to turn 1515 Broadway into a “premier gaming and entertainment destination,” saying that the venture would bring in billions in tax revenue for the city.
The project is still in its infancy and it has yet to gain approval from The New York State Gaming Commission. However, it is supported by a number of prominent figures, including former NYC Police Commissioner William Bratton.
He said that: “This investment will ensure Times Square is safe for years to come.”
