Caesars, SL Green, Roc Nation, Live Nation Submit $5.4B Times Square Casino Proposal

Caesars Entertainment Inc. (NASDAQ:CZR) is one of the most promising stocks according to Wall Street analysts. On July 3, a coalition comprising SL Green, Caesars Entertainment, Roc Nation, and Live Nation formally submitted their official proposal for Caesars Palace Times Square/CPTS. The $5.4 billion direct investment will transform an existing office building at 1515 Broadway into a world-class hotel and gaming destination in Times Square.

The proposed development includes a 992-room, five-star hotel, diverse restaurants, a wellness retreat, world-class gaming facilities, and entertainment curated by Roc Nation. The project is expected to generate over $7 billion in direct tax and fee revenue for New York City and State, as well as $26.7 billion in local economic impact within its first 10 years of operation.

Caesars, SL Green, Roc Nation, Live Nation Submit $5.4B Times Square Casino Proposal

A general view of a luxury resort casino, surrounded by a beautiful landscape and illuminated at night.

CPTS is also expected to support over 3,000 construction jobs and more than 3,800 permanent CPTS jobs directly. CPTS is designed to drive over $26 billion in new spending. Guests are expected to generate excess demand for more than 13 million meals annually at local restaurants, over 2,400 hotel rooms each night in surrounding hotels, and more than $880 million in incremental annual retail purchases.

Caesars Entertainment Inc. (NASDAQ:CZR) is a gaming and hospitality company.

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Disclosure: None. This article is originally published at Insider Monkey.