Developer collaborates with casino operator Caesars Entertainment to bring a casino in New York's Times Square.

The proposed project would transform Times Square Building 1515 Broadway into Caesars Palace Times Square. It will also include a Broadway theater, where "The Lion King", and other entertainment attractions.

They also promised the development would "accelerate economic recovery for surrounding businesses" in Times Square, as well as "create good-paying union jobs for New Yorkers."

In April, New York state approved up to three full-service casinos for the downstate New York area, with two licenses likely to go to existing casino operators -- Resorts World racetrack casino in Queens and the Empire City Casino at Yonkers Raceway, north of the Bronx.

Now, the competition for Caesar's third license is heating up. This is happening amid a public auction for a Hudson Yards casino by Related Companies and Wynn Resorts .

We believe Times Square is the best place to locate a new resort casino. This will bring tourists and local businesses together. Marc Holliday (CEO of SL Green), stated that his approach will help under-represented communities to benefit in terms of investment and employment opportunities.

Holliday stated that the project would be a renovation and not a new construction. This means that the opening of the facility can occur faster than other proposals, without any changes to the law, disruption to local communities, or delays.

In 2013, New York voters approved a constitutional amendment that granted seven full-scale casino licenses for the state -- four of which went to regions upstate and the remaining three allocated for the New York City area. Each license costs at least $500million. The approval process is expected be costly and lengthy.

Caesars Palace Times Square (the SL Green) will be 100% privately-funded, Caesars Entertainment stated. Caesars Entertainment will manage operations and brand.