Posted Nov 8, 2022, 6:46 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,907
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https://cdcgaming.com/caesars-says-i...rk-casino-bid/
Caesars says it won’t sell a Strip resort, talks New York casino bid
November 1, 2022
Buck Wargo
Quote:
Caesars Entertainment announced Tuesday it won’t be selling one of its eight Strip properties after all and gave a few more insights into its bid for a casino license in New York City.
….. The announcement came as the company touted its record third quarter in adjusted earnings and strong start to the fourth quarter. CFO Bret Yunker also touched on a potential project in New York.
Previously, it was reported that the company is teaming with SL Green Realty to renovate space at a skyscraper at 1515 Broadway to be named Caesars Palace Times Square, a proposal that’s already drawing opposition from Broadway theaters and others over congestion a Times Square casino would have, according to the New York Daily News.
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Quote:
”We announced we will be pursuing a downstate casino license in New York with our partner SL Green,” Yunker said. “It will obviously be a very competitive process and we look forward to putting our best foot forward when the request for proposals begins.”
Yunker said that given the sensitivities around the bidding process, they’re unable to detail project costs at this stage.
“We can tell you that the project starts with an existing building and will be financed with a new joint venture that is not on our balance sheet,” Yunker said. “Caesars will brand and manage the asset under a long-term management agreement and any equity investment into the joint venture will be very manageable relative to a free cash flow.”
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