Jay-Z and Roc Nation teamed up with SL Green and Caesar Entertainment in late 2022 to launch a bid to open New York City’s first full-scale casino in Times Square.
With a finite amount of licenses expected to be granted by New York State in 2025, Roc Nation is looking to improve their bid’s attractiveness with an unprecedented commitment to the community surrounding the potential Caesars Palace Times Square casino in Manhattan.
Roc Nation announced on Monday (Sept. 23) that the group will commit $15 million from the casino upon the bid’s approval to benefit the Hell’s Kitchen community. The initiative showcasing their commitment to the area comes as part of a $250 million benefit package.
“We are New Yorkers,” Jay-Z said in a statement. “Supporting and providing opportunities for our neighborhoods and community isn’t just a part of Roc Nation’s ethos; it’s our collective responsibility.”
Hov continued: “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.”
In addition to the newly-announced $15 million, NYC residents will also receive regular grants consisting of 0.5 percent of the casino’s total profits, which will be well into the millions of dollars.
SL Green EVP Brett Herschenfeld added: “We partnered with Roc Nation for a reason, and are thrilled to support any Roc Nation-led community initiative that extends the benefits of this project to more New Yorkers.”
Jay and Roc Nation’s proposal will build a casino to replace an existing building on Broadway and bring a limited number of hotel and restaurant attraction options to the area.
The Roc Nation mogul’s competing against bidding groups led by billionaires such as New York Mets owner Steve Cohen, Miami Dolphins owner Stephen Ross, developer Stefan Soloviev and grocery store tycoon John Catsimatidis.
Jay-Z has been busy on the gambling side extending his empire. A Fanatics Sportsbook — which Jay’s the co-owner of — opened its doors inside the Ocean Casino Resort in Atlantic City earlier in September. Jay celebrated the launch with a ribbon-cutting ceremony and hosted a $250,000 blackjack tournament alongside Fanatics CEO Michael Rubin.