Caesars unveils plan for potential Times Square casino

Yahoo Finance anchors discuss news that Caesars will open a new casino in Times Square in New York City.

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- My point though is Caesars Entertainment, shares up today marginally about half a percent. But that's as the casino giant launches a new partnership with SL Green Realty Corp to redevelop 1515 Broadway, that's a portion of Times Square here in New York City. And Caesars is the latest casino brand to pursue one of New York's three remaining casino licenses. Now, it would come with a big cost. Theu even expected $500 million in licensing fees.

But the key here is going to be the integration of Caesars Entertainment's Rewards program. Because what you can do with those rewards-- what they want to do with this if they get the approval, you can go to Caesars, bet, win some money on the rewards. Go to Broadway, and spend it there.

You can go somewhere else in Times Square and spend it at a restaurant, spend it at a bar. Now, you're talking about a holistic experience in Times Square, one of the top tourist locations, obviously, in the country, in the world. I think it could be a really big play for Caesars.

I think they have about 65 million people already on Caesars Rewards. Think about how many more people are going to go because they stop by for an hour or two while they're visiting in New York.

DAVE BRIGGS: Yeah, and just from a real estate perspective, how I look at things, and you're looking at a vacancy rate near 16% in Times Square, which is massive. And that, of course, is because of the pandemic. People have just not gone back.

So there's a lot of fear from the traffic standpoint. But you brought up a key word, redevelopment. It's not a new construction. And that was key to that deal even being-- even considered. If it was new construction, a nonelement.

But there's also a play, a win combination over it Hudson Yards, which is in play, for one of these new gaming licenses. So definitely, I think, a home run at either one.