Times Square is said to be the most visited place in the world. More than 360,000 people pass through Times Square every day (or more than 131 million per year) for their brush with Elmo or another creepy character. Originally named Longacre Square, the area was renamed after The New York Times relocated to the newly erected Times Building (today One Times Square) in 1904. Approximately 22 cents out of every dollar spent by visitors in New York City is spent within Times Square. The famed New Year’s Eve ball drop was first held on Dec. 31, 1907.