The Caesars Palace Times Square project proposes returning 0.5% of the casino’s profits to the local area. [Image: Shutterstock.com]
The race to get one of three coveted downstate New York casino licenses is heating up, with interested parties all trying to put their best foot forward to win the support of local communities, lawmakers, and regulators.
benefit initiatives like childcare, support for senior citizens, and after-school programs
The Caesars Palace Times Square casino project is ramping up its promises to give back to the local community in and around Hell’s Kitchen by suggesting sharing 0.5% of the casino’s profits with the area. This grant program would benefit initiatives like childcare, support for senior citizens, and after-school programs.
Those behind the project, including superstar rapper Jay-Z, want to show how much support they would provide to the community. The overall funding promises would be about $250m, including a $15m one-time payment if Caesars secures a license.
In a statement, Brooklyn native Jay-Z said that stakeholders want people and businesses in the area to benefit “not just for a minute, but for the long-term.”
Roc Nation, Jay-Z’s entertainment company, is working alongside real estate firm SL Green and Caesars Entertainment on this project. Numerous local labor unions are in favor of the project, while others, like The Broadway League, oppose it.
The final decision about which proposals ultimately get the green light for a license won’t happen until next year.
