Caesars Entertainment and SL Green Announce Expansion of Caesars Rewards® Partnership to New York Businesses as Part of Times Square Gaming License Bid

Rhea-AI Summary

On February 16, 2023, Caesars Entertainment and SL Green Realty Corp announced an expansion of their Caesars Rewards partnership to local merchants in New York City. This initiative is part of their bid for a gaming license in Times Square. The partnership will allow Caesars Rewards members to convert Reward Credits into gift cards for use at a network of participating businesses. The companies aim to boost local economies and will sign up merchants as they seek the necessary gaming license. Caesars plans to develop a 250,000 square foot gaming venue with a 950-room hotel, funded entirely through private investment.

Positive

• Expansion of Caesars Rewards to local merchants, enhancing community engagement.
• Potential to inject millions of dollars into the local economy.
• Caesars Palace Times Square project is fully privately funded.

Negative

• Dependence on obtaining a New York State gaming license for implementation.

NEW YORK, Feb. 16, 2023 /PRNewswire/ -- Caesars Entertainment ("Caesars") and SL Green Realty Corp ("SL Green") today announced a new Caesars Rewards^® partnership for local merchants in greater New York City as a part of their pursuit of a gaming license in Times Square. When Caesars Palace Times Square opens in Manhattan, Caesars Rewards members will be able to use their Reward Credits by converting them to gift cards, valid across the Caesars Rewards Gift Card Network, including participating hotels, restaurants, retailers, comedy clubs, entertainment venues and more across New York.

As part of Caesars and SL Green's joint bid with Roc Nation to bring a gaming and entertainment destination to Times Square, the companies are committed to supporting local businesses. Caesars and SL Green have begun signing up new merchants in Times Square and greater New York to join the Coalition for A Better Times Square. Participating merchants' involvement in Caesars Rewards would be effective upon SL Green and Caesars' procurement of a New York State gaming license.

As part of the program, Caesars Rewards members will be able to use Reward Credits for gift cards valid at participating New York businesses – allowing Caesars to inject millions of new dollars into the local economy. Caesars Rewards members would also be able to earn credits when using their Caesars Rewards credit card at participating businesses.

"Caesars Rewards is the largest and most successful gaming loyalty program in the world, and it is a natural fit to bring it to a city like New York," said Tom Reeg, CEO of Caesars Entertainment.  "We know from experience that investing in cities and neighborhoods benefits everyone involved. By expanding our powerful Rewards program in New York, we can better ensure that our work in Times Square creates good jobs and allows small businesses to grow and thrive."

"Our vision is to build a gaming and entertainment destination that fits into the fabric of New York. Guests at Caesars Palace Times Square might game at our tables, but they are going to eat at area restaurants, stay in neighborhood hotels, see Broadway shows and shop at stores in Times Square and across the city," said Marc Holliday, CEO of SL Green.  "By expanding the Caesars Rewards program in New York City, we can formalize that relationship with local businesses and demonstrate our deep commitment to New York's economic future."

"As a small and minority-owned business owner and a New York State Latino Restaurant and Bar Association member, we are excited to join this coalition as this partnership will provide economic opportunity by attracting visitors and therefore future customers for our members in all five boroughs," said Jeff Garcia, President NYS Latino Restaurant Bar & Lounge Association and owner of Mon Amour Coffee and Wine Bar in The Bronx.

With more than 60 million members, Caesars Rewards is the largest loyalty program in the gaming industry. Caesars Rewards has continuously been recognized as one of the best customer loyalty programs by the Global Gaming Awards and USA Today Readers' Choice Awards. A fully connected ecosystem of gaming, hospitality, entertainment, nightlife, dining, and shopping, more than 50 destinations, and a full suite of mobile products are tied to the Caesars Rewards network. Members can earn and redeem credits across the network for the experiences they value most.

Caesars Rewards members also have access to exclusive benefits and member rates at all Caesars Rewards destinations, invitation-only events, and once-in-a-lifetime experiences thanks to an extensive collection of sports, entertainment, celebrity chef, and travel partnerships.

Caesars, SL Green, and Roc Nation are jointly pursuing a license to convert existing office space at 1515 Broadway and create Caesars Palace Times Square. The venue would include 250,000 square feet of gaming and a 950-room hotel. Caesars Palace Times Square will be 100% privately funded. 

Responsible Gaming Is Our Business: Must be 21 or older to gamble. Know when to stop before you start. Gambling problem? In New York, call the free confidential HOPELINE at 1-877-8-HOPENY right now or text HOPENY (467369) for help and referrals to treatment. SMS terms apply. Across the country, call or text 1-800-GAMBLER

About SL Green Realty Corp.

SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet. This included ownership interests in 26.3 million square feet of Manhattan buildings and 7.2 million square feet securing debt and preferred equity investments.

About Caesars Entertainment, Inc.

Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment company in the US and one of the world's most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.'s resorts operate primarily under the Caesars^®, Harrah's^®, Horseshoe^®, and Eldorado^® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. Know When To Stop Before You Start.^® Gambling Problem? Call 1-800-522-4700. For more information, please visit. www.caesars.com/corporate.

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SOURCE Caesars Entertainment, Inc.

FAQ

What is the new partnership announced by Caesars Entertainment and SL Green?

The partnership expands Caesars Rewards to local merchants in New York City, allowing members to use Reward Credits at participating businesses.

How will the Caesars Rewards expansion impact local businesses?

It is expected to inject millions of dollars into the local economy by enabling members to spend at local establishments.

What is the proposed size of Caesars Palace Times Square?

The venue is planned to include 250,000 square feet of gaming and a 950-room hotel.

Is the Caesars Palace Times Square project funded publicly or privately?

The project is fully privately funded.

When was the partnership between Caesars and SL Green announced?

The partnership was announced on February 16, 2023.