New Yorkers will have the opportunity to invest in plans for a new casino.
As AFROTECH™ previously reported, Jay-Z’s Roc Nation partnered with SL Green and Caesars Entertainment to place a bid to open Caesars Palace Times Square, a gaming facility that is projected to attract over 130 million visitors annually. Since a gaming license is necessary to get project plans in motion, the group has been waiting for that crucial approval for the past five years, iHeartRadio reports.
“There’s no better partner than JAY-Z and Roc Nation to help Caesars Palace Times Square ensure that Times Square remains a global entertainment hub and an economic engine for New York,” Marc Holliday, chairman and CEO of SL Green, said at the time, according to a press release. “Together, we will bring the nearly 130 million annual pedestrians a stronger and more exciting Times Square to visit, reunifying the bow tie around a new set of innovative programming that will appeal to New Yorkers and tourists.”
Moreover, various efforts are being made around the casino to promote “economic opportunity.” In fact, it is projected to create billions of dollars in tax revenue for the state. In addition to the $5.4 billion that Roc Nation, Caesars Palace, and SL Green are investing in the casino, a $250 million commitment was announced to revitalize Times Square and its surrounding area, according to iHeartRadio. Plans include assisting Broadway workers with student debt, medical debt, and rental assistance. Additionally, to further show its support of the community, Roc Nation CEO Desiree Perez reveals New Yorkers can invest in the casino in light of an agreement with Cadre.
“There’s a program that we’ve partnered with where if you wanted to invest five hundred dollars into the casino deal, you’re going to be able to get into this fund,” Perez said, according to iHeartRadio. “You’re going to be part of a fund that is invested in the casino, which is unusual. It’s not something that normally happens, but it’s something that we’re providing so that the community or anyone in New York City can be part of.”
