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St. Peter's Basilica is important because it is built over the tomb of St. Peter, the first pope and the "rock" upon whom Our Blessed Lord built His Church, you can still walk down the stairs and see his tomb (although it is encased in glass). ( St. Peter's tomb is directly beneath the High Altar in St. Peter's): see St. Matthew's Gospel 16:17-19:

St. Matthew 16:17-19:

And Jesus answering, said to him [Peter]: Blessed art thou, Simon Bar-Jona: because flesh and blood hath not revealed it to thee, but my Father who is in heaven. And I say to thee: That thou art Peter; and upon this rock I will build my church, and the gates of hell shall not prevail against it. And I will give to thee the keys of the kingdom of heaven. And whatsoever thou shalt bind upon earth, it shall be bound also in heaven: and whatsoever thou shalt loose on earth, it shall be loosed also in heaven.

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