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Jay-Z, through his entertainment company Roc Nation, is intensifying efforts to secure a coveted gaming license for a proposed Caesars Palace casino in Times Square. As part of his bid, the hip-hop mogul has committed over $250 million in community grants to benefit Hell’s Kitchen if the bid is successful. This financial promise aims to garner support for the project, which has faced strong competition and some opposition from local groups.
The grant initiative would begin with an immediate $15 million investment into the community, with additional ongoing grants tied to 0.5% of the casino’s revenue. Roc Nation’s involvement in the bid, alongside Caesars Entertainment and real estate developer SL Green, aims to offer substantial benefits to local neighborhoods.
In a statement regarding the grant initiative, cited by Page Six, Jay-Z emphasized his deep connection to the city: “We are New Yorkers. Supporting and providing opportunities for our neighborhoods and community isn’t just a part of Roc Nation’s ethos… it’s our collective responsibility.” The famous rapper further stated, “Any proposal that wins a gaming license will undoubtedly profit. Our vision is to give back to New York and ensure that the Broadway community, Hell’s Kitchen, and the surrounding businesses and areas all benefit. And not just for a minute, but for the long-term.”
Casino Bid Faces Stiff Competition and Community Concerns
The bid for a Times Square casino is just one of many proposals being considered, with other prominent competitors including Saks Fifth Avenue, Mohegan Sun, Wynn Resorts, and Resorts World Casino. Each entity is vying for one of only three new gaming licenses expected to be granted by the state of New York. As part of the bidding process, community support is a key factor, making Roc Nation’s $250 million funding pledge an essential component of their proposal.
Roc Nation’s plan would see grant funding managed by a new trust, overseen by community residents, to ensure that the funds are directed towards local improvements. This includes funding for projects in Times Square, Hell’s Kitchen, and other nearby areas. Casinos are known to be significant revenue generators, with earnings ranging between $1 million and $10 million per day. Nevada, home to the US’s largest casino market, reported gross gaming revenue of $13.43 billion in 2021 alone. Roc Nation’s group claims to have the backing of over 150 local organizations, including restaurants, hotels, and Broadway stakeholders.
Despite these promises, the Times Square casino bid has faced resistance. Various groups, such as the No Times Square Casino Coalition, which includes The Broadway League and several local tenant organizations, have expressed concerns about the potential negative impact of a casino in such a densely populated area. A poll conducted by the coalition showed that 71% of Midtown residents were opposed to the casino proposal.
In an effort to address community concerns, Roc Nation has actively engaged with residents of Manhattan Plaza, a well-known affordable housing complex for artists in the Hell’s Kitchen area. The development of a casino in close proximity has raised concerns among tenants, many of whom work in the theater industry. Earlier criticisms of the casino proposal labeled it as “predatory,” but recent discussions have signaled a more open dialogue.
At a recent meeting with Manhattan Plaza tenants, Roc Nation’s CEO Desiree Perez and former NYPD Police Commissioner Bill Bratton presented the security and community benefits plan, as reported by The City. Residents were informed of a $15 million funding promise over the next decade for the Manhattan Plaza Tenants Association, along with an additional 0.5% of casino profits for as long as the casino operates. This financial commitment is intended to fund child care, after-school programs, and job training, providing long-term benefits for the residents of the federally subsidized Section 8 complex.
