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  #121  
Old Posted Nov 27, 2022, 4:56 PM
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https://www.thedailybeast.com/billio...ith-nyc-casino

Billionaire Tries to Usurp Dad’s Legacy With NYC Casino
Stefan Soloviev’s combative father died in 2020. Now he’s charting his own course, including with an audacious plan to cash in on gambling.



Noah Kirsch
Nov. 27, 2022


Quote:
Armed with a massive war chest from his late father—the pugnacious billionaire Sheldon Solow—Stefan Soloviev is vying to carve his own name into the brutal business of New York City real estate.

This week, Soloviev, 47, publicly touted what is perhaps his most audacious gambit: a proposal to nab one of three forthcoming casino licenses in New York, with a bid that features a ferris wheel, hotel, and four-acre park.

The planned site, near the United Nations on the east side of Manhattan, “is the best location that anyone in Manhattan has by far,” Soloviev told The Daily Beast, swaggering the way developers do.
Quote:
Rounding out the pitch, which could secure him a hugely lucrative stream of gambling revenue, is an enticement for socially minded New Yorkers: a so-called “democracy museum” that will display segments of the Berlin Wall. The museum would be “dedicated solely to the promotion of freedom of press, human rights, civil rights, [and] justice,” explained Soloviev Group CEO Michael Hershman, speaking by phone from the sometimes repressive nation of Qatar, where he was attending the 2022 FIFA World Cup.

The New York State Gaming Commission wouldn’t comment on Soloviev’s proposal. One member of the state’s Gaming Facility Location Board, Vicki Been, told The Daily Beast that applications have not officially opened, meaning that at this point, Soloviev and his competitors are mainly vying for public attention.
Quote:
Proposals from other parties, including in Times Square, Coney Island, and billionaire Stephen Ross’ Hudson Yards, are also on the table, with others surely to come. Bloomberg previously reported on the existence of Soloviev’s pitch.

Marc Edelman, an expert in gaming law at the Zicklin School of Business at Baruch College, said the state’s decision may simply hinge on which sites will generate the most tax revenue. He also expressed doubt that neighborhoods near the U.N. could handle a massive influx of crowds.

“One could reasonably question whether placing a casino in any part of Manhattan other than perhaps Times Square would be creating more chaos and harm to the community than benefit,” he said.
Quote:
.....At the moment, the Soloviev Group has approval only for a more conventional construction plan on the site: a 1.2 million square-foot commercial building and three residential towers, Soloviev said.

Speaking to The Daily Beast, he downplayed that proposal as just “more buildings.” The real opportunity, he continued, lies with the vast entertainment complex. Soloviev said he couldn’t forecast how much revenue the casino would bring in, though Hershman claimed the project would create over 2,000 jobs and generate at least $100 million in new taxes for the city.
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  #122  
Old Posted Nov 28, 2022, 4:00 PM
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The Tudor City site isn't as transit connected (the 2nd ave line will eventually help) as the other Manhattan proposals though which is a huge drawback for potential revenue.
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  #123  
Old Posted Nov 29, 2022, 6:57 PM
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https://nypost.com/2022/11/29/times-...dway-theaters/

Times Square casino gets more blowback from Broadway theaters





By Steve Cuozzo
November 29, 2022


Quote:
The Broadway League doubled down on its opposition to a proposal for a casino at a Times Square office building, threatening a prolonged war between the politically potent theater organization and the city’s largest commercial landlord.

The League, which represents theater owners and producers in major US cities, called the preliminary proposal by SL Green and Caesars Entertainment to put a casino inside its 1515 Broadway office tower “an unprecedented and dangerous experiment” in a letter to its members Tuesday morning.

It was the League’s strongest anti-casino rhetoric yet. It previously said only that a Times Square casino would “overwhelm the already densely congested area” and threaten the theater industry’s vitality.

The League’s latest attack warned that a Times Square casino would bring “economic and social disruption,” drain customers from neighborhood restaurants and increase congestion without bringing economic benefits to the area.
Quote:
The letter penned by League president Charlotte St. Martin said casinos “do all they can to keep visitors in the casino, gambling,” without spreading the wealth to nearby businesses.

It termed as “cause for alarm” that Times Square visitors’ “limited budgets would be cannibalized by casino gambling” even as Broadway struggles back from the pandemic.

SL Green and Caesars said earlier that casino revenue would pay for enhanced Times Square security and that an upscale casino would help to prevent the bright-lights district from sliding back into its bad-old-days era of crime and blight.

However, no details of the plan have been revealed. They can’t spell them out until the state issues a formal proposal this month for companies wanting to launch a full-scale casino in the city
Quote:
A state siting committee is to choose one location in the Big Apple in 2023. Related Companies and Wynn Resorts also plan to pitch a casino at Hudson Yards and several other companies are in the hunt as well.

Representatives of SL Green had not seen the letter but are expected to respond today.


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  #124  
Old Posted Nov 29, 2022, 7:06 PM
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  #125  
Old Posted Dec 4, 2022, 2:36 AM
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https://www.casino.org/news/las-vega...rk-casino-bid/

Las Vegas Sands Mulling Long Island as Site of New York Casino

December 2, 2022
Todd Shriber


Quote:
Former New York Gov. David Paterson (D), now a senior vice president at the gaming company, is pushing his employer to consider Long Island, citing congestion issues in Manhattan. Traffic concerns aren’t the only potential headwinds facing operators looking to bring a gaming venue to Manhattan.

Competition is fierce for a Manhattan casino license, with Caesars Entertainment, Hard Rock International, and Wynn Resorts among the companies interested in that borough. Bally’s may be as well. In addition to that crowded field, there’s opposition to some casino-hotel plans in Manhattan, and some experts believe the borough is simply a no-go for a new gaming venue.

We don’t know where the location is at this point,” Paterson told Newsday. “But I’m the one who suggested that they (Sands) look at Long Island because of all the congestion in Manhattan.”
Quote:
Previously, Sands was rumored to be mulling an integrated resort at a notoriously tough-to-develop plot of land near Citi Field in Queens.

New York Mets owner Steve Cohen is pushing to bring a casino to the area, and is said to be working with Union Gaming, an investment bank that specializes in the casino industry, to select an operator partner. Previously, it was believed that Hard Rock and Sands were leading that competition.

Sands might have multiple reasons for turning its focus to Long Island from Queens. First, there’s budding opposition at the local level to a new casino. Second, Willets Point – the area in which Cohen would like to see the casino built — has proven notoriously tough to develop, with previous plans for the unused land ultimately failing.
Quote:
Paterson acknowledges the Citi Field area and Coney Island in Brooklyn are contenders as casino sites. But he criticized the idea of a gaming property in Manhattan, noting it wouldn’t help companies get people back to work in offices and would do more harm than good in terms of easing traffic.

Paterson didn’t mention specific sites on Long Island that Sands is considering. But he told Newsday executives from the gaming company met with local chambers of commerce on Thursday.

Unidentified sources told the newspaper the Nassau Hub, including Nassau Veterans Memorial Coliseum, is possibly under consideration by Sands, as is the UBS Arena/Belmont Park area in Elmont.
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  #126  
Old Posted Dec 4, 2022, 3:43 AM
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What the hell is this guy talking about? Concerned about Manhattan "congestion" so let's put it on LI? He must me blind if he thinks those are good locations...
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  #127  
Old Posted Dec 5, 2022, 3:04 AM
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  #128  
Old Posted Dec 5, 2022, 3:54 AM
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Well that looks better than the Lion King sign thats been there for like 20 years.
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  #129  
Old Posted Dec 5, 2022, 1:52 PM
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https://nypost.com/2022/12/04/jay-z-...ed-nyc-casino/

Star power! Jay-Z joins Times Square team bidding for prized NYC casino




By Steve Cuozzo
December 4, 2022


Quote:
SL Green and Caesars Entertainment have a glam new partner in their hoped-for Times Square casino — Brooklyn-born billionaire rapper and entertainment impresario Jay-Z and his Roc Nation, Realty Check has learned.

The three-way partnership, to be announced at SL Green’s annual investor conference on Monday, marks a dramatic twist in the developer’s and Caesars’ quest to launch a casino at SL Green’s 1515 Broadway office tower. (They’re among a half-dozen teams that are also expected to submit proposals to the state for a first full-scale casino in the Big Apple.)
Quote:
Although details have yet to be spelled out, Jay-Z and his team are expected to oversee entertainment programming at 1515 Broadway and at other SL Green properties at the “Crossroads of the World.” The city’s largest commercial landlord, SLG has interests in six Times Square properties with a total of more than four million square feet.

In a statement, Jay-Z said, “New York is the epicenter of culture. We have the opportunity to create a destination at the heart of the true crossroads of the word. My partnership with SL Green and Caesars has all the promise and commitment to economic opportunity, growth and enrichment for the community and everyone that visits the Empire State.”


SLG chief executive officer Marc Holliday also shared more specifics about his company’s casino proposal than have ever been disclosed.
Quote:
Contrary to claims that Caesars Palace Times Square, as it’s to be called, would be a mammoth gaming mecca that might overwhelm everything around it, the casino would occupy only eight floors in the 54-story tower between West 43d and 44th streets.

None would be the ground floor, which is earmarked for non-gaming uses including an entrance to the Minskoff Theater, home of “The Lion King.”


“We are putting theater at ground level,” Holliday emphasized.

The casino floors would also house restaurants and entertainment uses. Holliday estimated that the “boutique”-size casino might occupy as little as 250,000 square feet of floor space, a postage stamp compared with typical, sprawling gaming floors in Atlantic City or Las Vegas.

A new, approximately 800-room, five-star hotel would be created in the building above them. Holliday said he was “not yet prepared” to address how the tower’s office tenants, including Paramount Global’s headquarters, would be affected.

He rebutted claims by the Broadway League, which represents theater owners and producers, that a casino would be “dangerous” to Broadway theaters. On the contrary, he said, SL Green’s proposal is designed to bolster all the businesses around it. Although the League is adamantly opposed to having a casino in its midst, the plan is enthusiastically backed by owners of restaurants such as Carmine’s, Bond 45 and Junior’s and by Actors Equity and hotel and construction unions.
Quote:
According to Holliday, consulting firm AKRF projects that casino visitors will buy 400,000 net new Broadway tickets annually. Additionally, SLG/Caesars/Roc Nation will purchase thousands of tickets directly that will be provided both to casino patrons and to underserved communities.

The casino company’s loyalty program known as Caesars Rewards, which boasts 60 million members worldwide, provides so-called bankable rewards that can be used at hotels, restaurants, theaters and stores beyond 1515 Broadway.

As part of a “halo effect,” Holliday expects the casino will generate seven million more annual visitors to Times Square, generate seven million restaurant meals outside the casino and $166 million in retail purchases outside the casino building.

In SL Green’s view, the 1515 Broadway project is needed to help arrest a slow, gradual decline in the district’s fortunes.

The slide, Holliday said, doesn’t yet mark a return to the lawless days of the 1970s-early 1990s — although crime is noticeably up — but rather a slow-but-steady unraveling of the commercial energy and sense of security that Times Square had only 10 years ago.
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  #130  
Old Posted Dec 5, 2022, 2:21 PM
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Holliday estimated that the “boutique”-size casino might occupy as little as 250,000 square feet of floor space, a postage stamp compared with typical, sprawling gaming floors in Atlantic City or Las Vegas.

A comparison to some of the largest in the country…


https://www.gambling.com/us/news/lar...the-us-2237800

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  #131  
Old Posted Dec 5, 2022, 3:08 PM
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So pretty comparable actually.
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  #132  
Old Posted Dec 5, 2022, 3:09 PM
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looks like a great redevelopment of 1515 Broadway!


...and judging by your ranking of casino floor area space, this won't really be boutique-size at all. Which is totally fine imo.
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  #133  
Old Posted Dec 5, 2022, 5:45 PM
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Originally Posted by Busy Bee View Post
So pretty comparable actually.
Yeah, though I’ not sure why #6 is behind 4 and 5.

But I still think Manhattan can handle more than one casino, and if you’re going to put one in Times Square, you can put another in the Hudson Yards. The plus to that is Times Square itself won’t be assiciated with a casino, and the overcrowding issue (both outside and inside the casino) could be alleviated.

But they’ve put so many restrictions on both the number and methods of approval.
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  #134  
Old Posted Dec 5, 2022, 11:40 PM
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Apparently, SL Green wants to make 1515 the tallest tower in Times Square…


https://www.bloomberg.com/news/artic...-square-casino

SL Green Pursues Tallest Tower, 3D Ads at Times Square Casino
Landlord teams up with Caesar’s and Jay-Z’s Roc Nation in bid for one of three downstate New York gaming licenses.



ByNatalie Wong
December 5, 2022

Quote:
SL Green Realty Corp. aims to redevelop a Times Square office building into the tallest tower in the area as it competes for one of New York State’s casino licenses.

The Manhattan-based landlord on Monday revealed further details of its casino bid, which includes partnerships with Caesars Entertainment Inc. and Roc Nation, the entertainment agency founded by Jay-Z.

SL Green has proposed a theater to anchor the main floor of the building, at 1515 Broadway, and a boutique gaming venue above. The tower will have the world’s largest combination of three-dimensional advertising signs and include a five-star hotel, SL Green’s managing director Brett Herschenfeld said at the company’s yearly investor conference. The project also will make the building the tallest in the Times Square “bow tie” — the blocks surrounding the point where Broadway and Seventh Avenue cross, he said.
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  #135  
Old Posted Dec 5, 2022, 11:51 PM
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How exactly?
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  #136  
Old Posted Dec 6, 2022, 12:28 AM
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Haven’t seen an image, but more from SL Green….



https://www.zonebourse.com/amp/cours...Call-42481379/



Quote:
Presenter Speech
Brett Herschenfeld (Executives)

Thank you, Steve. Are you guys ready to take a little break from real estate and talk casino? First things first, the title change. Marc and I have been hard at work on this project for over 2 years now, and it's exciting to finally reveal some details for our shareholders and why we'll do so much for SL Green and New York.

The title for our project is not the project itself, but one that celebrates SL Green's overall mission, which is to deliver extraordinary real estate projects that do great things for our neighbors and community. In this case, that community is Times Square. The center of global entertainment and our project will create an even greater long-term tourist attraction as well as reinvite New Yorkers back to Times Square.
Quote:
Let's get right into it with some images of the project. Here's the existing view of 1515 Broadway. And here is what it will become. You can see, this is not a Las Vegas image. This is a design that fits in Times Square, a New York project. We lead with broadway entertainment on the ground floor and on the left side, a broadway theater interactive map showing up to the second ticket opportunities. Time Square has always been the leader in signage technology. The first illuminated sign was located here. The first interactive sign was located here. Remember the Camel smoking sign? The first moving sign was here and the first digital sign.

But now other cities, for example, cities within Asia have new 3D signage technology or images leap off the screen and our tourist attractions in and of themselves. The signs you see here will take that technology to the next level and be the largest combination of 3-dimensional signage in the world. Times Square will be on top once again. Here's the existing view facing south. Here, you see recreated at Caesars Palace Times Square. Once again, it fits into the context of the district. Moreover, it elevates it.

Here's the current image of [ Shower Daley ] on the west side of 1515 and here's the entrance of the hotel on 45th Street, a completely upgraded and beautified [ Showered Alley ] with fountains and lighting enhancements worthy of this prolific location.
Quote:
Lastly, here is the hero image. The tallest building in the [ Boto ], Caesars Palace Times Square. Oh, have I got your attention now. Our gaming partner in this project is Caesars Entertainment. Tom Reeg, the CEO of Caesars will be joining us to discuss his plan shortly. I can tell you this will be operated as a Caesars Palace brand, the only other Caesars Palace in the world next to Las Vegas.

The hotel will be a 5-star hotel, which is an objective set of criteria for quality of operation. We chose to partner with Caesars for many reasons, but to highlight a few, they are publicly traded institutional company, and they share our belief that urban gaming done right to have significant positive economic impact on surrounding businesses.

Caesars is the North American gaming leader in number of properties, number of rooms, annual revenues and annual entertainment shows. They're already vetted and licensed by the New York State Gaming Commission and perhaps most importantly, is Caesars Rewards program, which gives our project access to a database of over 60 million rewards customers. Tom will share more on Caesars Rewards later. We are beyond excited and I think the world really took note this morning when we introduced our entertainment partner for the project, Rock Nation. Rock Nation is the world's preeminent entertainment company founded by [ JayZ ].

Jay and the CEO, [ Desire Perez ], our New York City ambassadors. They share our mission in delivering world-class projects that have a positive impact on the neighborhood in which they are cited, creating jobs and boosting local businesses. Rock will work to reimagine arts and entertainment in Times Square in a way that will not only bring tourists but also cause New Yorkers to return to the [ Boto ] and check out a highly curated entertainment environment with a new energy that only [ JayZ ] can bring.
Quote:
Let's now go through the project. Remember, SL Green has invested in over 12 million square feet of real estate in Times Square. Our properties and you, our shareholders, will benefit most from a project that greatly enhances the neighborhood. There's no better location in New York space for a mixed-use casino than Times Square. It's the world's top tourist attraction and our casino will generate over 7 million net new visitors. Those new consumers have real disposable income. And we'll not only spend money gaming at Caesars Palace Times Square but we'll also spend money at local retailers, restaurants, hotels and Broadway. The revenues we generate from gaming operations will allow us to invest back in Times Square in the form of a public private partnership to greatly enhance quality of life and attract office users, retailers and other businesses to lease space in Times Square.

Lastly, from a city planning standpoint, the intent of Times Square is to bring large-format entertainment, amusements, signage and life. This is where our casino belongs. I'm going to share a first cut of numbers with you. We'll drill further into these numbers in the months to come, but this is a hot off the press look at the economic impact that the project will have.
Quote:
First, the halo effect. No other competitive gaming site fitting for a license will come remotely close to our project in terms of the economic impact on surrounding businesses. Because we are space constrained and can only accommodate about 1/3 of the projected hotel room night demand inside our facility, the remaining 2/3 of net new demand will go to other hotels in and around Times Square driving 636,000 room nights per year to our hotel neighbors.

That also creates jobs because we can only accommodate about 10% of the dining demand within our facility, the vast majority of visitors to Caesars Palace Times Square will eat out restaurants outside of the venue. 7 million new meals will be purchased at local restaurants as a result of our project and jobs.

SL Green is perhaps the largest owner of retail in Times Square. [ AKRF ] predicts $166 million in new retail purchases outside the casino because of our development. It's going to be the catalyst for national retailers to port back into Times Square and lease spaces in our buildings.

Non-Broadway entertainment will be the beneficiary of $55 million in annual spending. Transportation. I have to believe the MTA loves hearing that there will be $95 million annually in additional public transit spending because Time Square has the largest subway hub in New York City. We will use that mass transit to bring people from all over time Square in an environmentally friendly way that also helps one of our most crucial city agencies and Broadway. Because we are developing Caesars Palace Times Square, [ AKRF ] projects 400,000 net new Broadway ticket will be purchased every year. That's just the halo effect.
Quote:
Additionally, the casino will commit to directly invest in Broadway to the tune of $117 million over a 10-year period. Since the largest, most successful theater owner has publicly stated, Broadway is doing perfectly fine. Those funds will be geared towards Broadway workers, actors, stage hands, musicians and smaller theater owners and producers who have told us they need to support. They will go to purchase tickets for children and families in underserved communities to come to a Broadway show for daycare to support Broadway parents, mental health awareness programs and for educational uses. We love Broadway. And we're happy to get back in a massive way to reciprocate all the industry has done for Times Square.

On-site job creation is massive during development. It's $2.1 billion in economic activity. And once we are open, there will be over 3,000 on-site job physicians from a wide range of occupations, paying real living wages that will be offered to our surrounding communities throughout Manhattan and New York City. And lastly, just a little teaser to close this out. When you combine revenues from the project operations with the economic impact outside of the casino, we project over $3.2 billion in annual economic activity on an ongoing basis. But we want to do more. There's an opportunity to take revenues from the project's operations and invest in the neighborhood to deliver higher quality of life.
Quote:
Public-private partnerships, much like SL Green's investments in and around One Vanderbilt in coordination with the Grand Central partnership are the way forward to greatly upgrade our city. We will work with the Times Square line, our security consultant to neo, city organizations, homeless outreach programs like breaking ground and others to fund needed investments that will uplift Times Square and make it a community that will thrive for decades to come.

We've heard a lot of chatter about congestion. We want to be clear. A solution to congestion is not to tell businesses that will bring foot traffic not to cut. The goal of commercial neighborhoods is to increase foot traffic and use proven mitigation methods from around the world to reduce congestion. It starts with safety investments that we are committed to, so that consumers utilize mass transit. We'll invest in lighting and street unification to encourage pedestrian travel in between mass transit centers. We will commit to drop-off zones on the perimeter of Times Square grid. [ Mark Beck ] has done its stadiums, airports and large entertainment venues. This is environmentally friendly because 4 higher cars will no longer sit idle in traffic for hours at a time within the [ BOTAS ].

And through NYC Omni technology, our patrons will receive incentives to ride the subway system, not just trip credits but also rewards for doing so. Examining peak hours of traffic and Time Square from 5 to 7 p.m., because Time Square is already an entertainment district with complementary uses to a casino, [ AKRF ] projects only an incremental 9% increase to congestion as a result of the casino. And when we implement all of our mitigation solutions, traffic comes down to nearly half of the existing congestion that exists in the [ Boti ] today. And we get all of the positive impact that our project will have on the community. That's traffic mitigation done the right way.
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Last edited by NYguy; Dec 6, 2022 at 1:33 AM.
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  #137  
Old Posted Dec 6, 2022, 2:08 AM
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Good stuff.

Also AI can produce some pretty comical transcripts.
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Old Posted Dec 6, 2022, 2:25 AM
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Yeah, there's a lot to read through here. Here's the rest, from Caesars standpoint...


https://www.zonebourse.com/amp/cours...Call-42481379/

Quote:
Tom Reeg is the CEO of Caesars Entertainment, and we appreciate him taking the time to be here today to speak with you. Thank you.

Presenter Speech
Thomas Reeg
Quote:
Thanks, Brett. As Brett said, I'm Tom Reeg, I'm the CEO of Caesars Entertainment. For those of you who are not familiar with us, I want to give you a little bit background on Caesars. We are the largest domestic gaming company. We have 51 properties in 16 states and Canada, over $10 billion of revenue. Our market cap is over $10 billion, and our enterprise value is over $30 billion. We've got a proven track record of development, and development in urban areas. As an example, right now, we're in the middle of a $400 million plus expansion of our project in -- our property in New Orleans that is adjacent to the French quarter.

So we have experience in operating and developing in urban environments, which is going to be important here. We also have the largest database program in the casino business. Caesars started what was then total rewards 2 decades ago, developed it as a hub-and-spoke system, similar to your airline frequent flyer programs, unique in the casino business. And because of the scale of Caesars, that database has grown to over 60 million people. So if you think about the way that operates, we have properties across the country where customers go on a frequent basis, multiple times a month, they generate points in the program and they use those points primarily for destination trips.

And in our current network, that's Las Vegas, Lake Tahoe, New Orleans, Atlantic City, Caesars Palace Times Square will certainly be a crown jewel in our network. We're also already an existing player in New York, known to the state, licensed in the state, a top 3 player in digital sports betting today. Those of you in New York now that you saw thousands, tens of thousands of Caesars sports advertisements last year with [ JB Smoove ]. So we're very well known in the state. We have existing partnerships with MSG, with the Mix, with the Rangers and with the Bills. And if you -- in terms of where we were coming from here, we were kind of a free agent did not have partnership, didn't really know where are we going to pursue a New York license.

There's a lot involved in pursuing a project of this size and scale in New York and we wanted it to be the perfect opportunity for us. So we talk to a number of potential partners, some of which now have others, some of which have had buildings that they wanted to show us. There was nothing close to what SL Green has at 1515 Broadway.
Quote:
As someone who worked early in my career in Manhattan office buildings when I was going out to see the building, I was expecting the columns everywhere, very difficult to imagine it turning into a casino. And I can tell you that the space is here are really what got us super excited about the projects. You can really see what we can do here, as Brett said, this is going to be entertainment facing on the ground floor, the casino will be second floor and up.

But we can create experiences and you saw in the picture, the renderings that Brett showed we -- as an example, we can create a separate entrance for our highest volume players, our most valuable players, send them up to a private gaming salon and then out to a tariff that overlooks the [ boti ] overlooks the ball drop on New Year's Eve. These are the types of experiences that we want to create for our customers. The latest we've done is we've got Adele in Las Vegas, who started a couple of weeks ago, that's the type of experience that you can only get with Caesars and Caesars Palace Times Square fits right into that.

And then I'll finish with this is clearly a competitive process. So what's going to be important to the state in our opinion, we've worked through a lot of these horse races in the past, what's important to the state. How quickly can you get open? Brett talked about the zoning that we've got here. This is already in entertainment district. You're not looking for a zoning change, you've got an existing building that we're converting. This is not a greenfield brand-new construction from the ground up those allow us to get open quicker than a lot of our competition. Why is that important to the state, they start turning their tax revenues quicker as well. The connection to the city is important. Obviously, you have SL Green. All of you know their commitment and activity in New York. We've added Rock Nation with JayZ and [ Dev ] that is New York through and through. We're an existing partner in the city also important. So we set up well from that standpoint.
Quote:
New York is going to as it should, we'll have social responsibility, the social aspects of a casino front of mind. Caesars 3 decades ago, started the first responsible gaming program in the industry as the largest and most developed. We've got a litany of corporate social awards, and we have a well-developed CSR program. We just published our latest CSR report. There is no one in this industry that has a better our story to tell as well. So [indiscernible] and then it's can we get it done. We have $3 billion of current liquidity, as I said, we're over $30 billion enterprise value. You know SL Green's resources, now we bring in Rock Nation. There's no question that we are well positioned to be the right choice here. And as Caesars, we are super, super excited to get go. And with that, I'll turn it back to Brett.


More from Holiday



Quote:
Presenter Speech
Anthony Paolone (Analysts)

Tony Paolone and JPMorgan. How much does the pursuit of the gaming license cost and what's the order of magnitude of investment to get what you showed on the renderings?


Presenter Speech
Marc Holliday (Executives)

Pursuit cost is don't quite know yet. It depends how long this goes and how much we have to put in it. But between us and our partners, we'll be sharing those costs. And we've allotted in our budget for a certain amount of pursuit cost that I think are a fraction of what others are spending that I mean a fraction based on what we hear about the expenditures of other. I put it in the 3-ish million total category before splitting amongst partners. So I would almost call it nonmaterial to us because, again, the building exists.

The team has made. We know the plan, and we are already developing images.

So and the infrastructure exists as well. Yes. new location, transportation, mass trends and all the things that would have to go into literally building a new city.


So I don't want to minimize those costs. It's maybe $3 million, $3.5 million, $4 million in that range, I think others may spend $10 million, $20 million, $30 million, pursuing if that's not our style. And it's not necessary, I think, because we have the best location, the best plan, the best partners and so our view is let that speak for itself.

And so hopefully, we can keep it contained within that model. Second question, what is the cost to it's a little early, Tony. I mean if we get this award, it would be sometime around midyear next year or longer, we have budgets, we're not prepared to go along yet on what our view is of total cost for the project because the total cost includes not only the cost of what you see up on the screen, but it also includes what will be a bid license fee that's going to be one of the material financial economic items in the RFP, you're bidding upfront license fee, you're bidding tax rate.

So more to come on that. But suffice it to say that our cost to convert 1550 for change of use is once again a fraction of what it will cost others to create resort-style casinos not on a 75,000 square foot footprint, but on a 10-, 20-, 30-acre footprint which is what some of these are going to be more like a resort sprawl, if you will, as opposed to what we're all about, which is vertical, dense, efficient carbon-friendly casino in a compact but completely sufficient amount of space that's serviced by more mass transit than probably all the other sites combined.



Quote:
Conor Mitchell, Piper. So I have 2 separate questions. First, regarding the Times Square redevelopment, the casino license. If you guys don't happen to win the license, then would you still go through with an entertainment redevelopment.


Marc Holliday (Executives)

Okay. First question. We're in this to win it. So your question of what do we do if we lose we don't talk about that much. But I would say that a lot of what we're developing as part of this bid, most of it contingent on the casino because the casino is the funding source, the private -- public -- the private funding source to work with that public-private partnership to make a lot of this happen.

And it's also the economic generation in that halo effect of bringing something seismic into Times Square that can help lift up all stakeholder businesses. So without that, more challenging, but that's not to say that the work we're doing on traffic mitigation and safety in particular, in sanitation we couldn't work with the alliance and the alliance is already on this, but work with the alliance with some of these new concepts and ideas or concepts they previously considered, but now maybe we'll have more support to try and enact it with some private funding that would come from other than the casino.
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Old Posted Dec 6, 2022, 2:28 AM
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Ahhh, I want a private tariff overlooking the boti. I guess I need to get better at poker

Man i want to see these renderings.
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Old Posted Dec 6, 2022, 3:50 AM
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Originally Posted by Busy Bee View Post
Ahhh, I want a private tariff overlooking the boti. I guess I need to get better at poker

Man i want to see these renderings.
Still pretty much looks like the same building, unless I'm missing something...











































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