Times Square casino may be hampered by perceptions of crime
A consortium made up of Caesars Entertainment, real estate developer SL Green and rapper Jay-Z's Roc Nation entertainment agency wants to build a casino-hotel in New York City's Times Square, but if the site is built, there may be pushback from some locals' opposition Perceptions of crime in the area.
Wealthy people aged 55 and older living in New York's suburbs are hesitant to return to Times Square for Broadway shows due to safety reasons, according to a new survey from the Situation Group. Half of suburbanites surveyed told the research firm they had not been back to Broadway since 2019, citing safety concerns, while another 41% said they were traveling to Manhattan less than before the coronavirus pandemic .
This is despite data showing overall crime in New York City dropped 5 percent last year. While murders and shootings were down, assaults were up 6 percent and car thefts were up 15 percent.
The Situation Group surveyed 1,700 Broadway ticket buyers across the United States.
Crime May Undercut Times Square Casino Efforts
Caesars, Jay-Z and SL Green have not commented publicly on the Situation Group's findings, but the casino bidders are looking to leverage their proposed sites to generate potential profits for local businesses, including the theater community.
However, they lacked Broadway support. The Broadway Alliance, the Broadway industry's national trade association, opposes the plan. In 2022, the organization reiterated this sentiment, noting that casinos keep people betting, which means other local businesses will have limited benefit.
That same year, the Shubert Organization, the region's largest theater owner, also spoke out against a Times Square casino. Conversely, some other businesses in Times Square, including restaurants, have backed the bookmaker's idea, with data confirming that tourism in the nation's largest city continues to grow even as crime remains high in New York.
The trio of Caesars, Jay-Z and SL Green are among about a dozen companies vying for three state casino licenses that could come from New York regulators later this year. Two of the licenses are rumored to be awarded to MGM Resorts International's Empire City Casino in Yonkers and Resorts World New York in Queens.
Other issues facing Times Square casinos
In addition to possible improvements in crime rates over time, Times Square casinos may face other headwinds in profiting from Broadway. Some people who used to go to theaters less frequently are now working from home, according to Situation Group.
Additionally, ticket prices are rising as Broadway produces fewer hit shows that can last for decades, with productions such as "Chicago," "Phantom of the Opera," "Rent" and "Wicked."
Assuming the Times Square casino opens and popular shows come and go, well-received shows could be crucial as Caesars looks to use its loyalty program to win over local businesses, including theaters.
Caesars Rewards is the industry’s largest gaming loyalty program. SL Green also predicts that Times Square Casino will purchase more than 7 million additional meals at local restaurants while increasing Broadway ticket sales by more than $65 million annually.
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Source: www.casino.org
