Caesars Entertainment and SL Green confirmed in a New York Times story that they are partnering up to bid for a downtown New York City casino license.

The two plan to redevelop 1515 Broadway in Times Square as an entertainment and gaming destination.

Caesars Palace Times Square will even be designed to include a Broadway Theater for The Lion King.

Since they are renovating and not building from scratch, they believe it will give them an upper hand in the bidding since they can say they will open quicker.

It will be a very expensive bidding war with most likely 4 to 5 bidders for what we believe will be one available license.

This commentary is an excerpt by Alan Woinski in Daily Lodging Report. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.

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Tags: broadway, caesars, caesars entertainment, casino resorts, news blog, times square