JAY-Z is constantly looking for ways to improve his financial status. In his latest business endeavor, HOV hopes to join the gaming industry.
According to the New York Post, the Brooklyn-born billionaire rapper and Roc Nation have teamed up with SL Green and Caesars Entertainment to bring a casino to Times Square.
The group will join the bidding war for their attempt to open a casino at SL Green’s 1515 Broadway office tower. Along with the three players, there are among a half-dozen teams that are also expected to submit proposals to the state for the first full-scale casino in New York.
The combination of the groups will unite three of the most powerful-in-class organizations – New York’s largest owner of office properties, the nation’s leading gaming company and one of the world’s most notable entertainment businesses.
Although details about the trio’s partnership have yet to be revealed, it’s reported that JAY-Z will run the entertainment programming at 1515 Broadway and six other SL Green properties at the Crossroads of the World.
In a statement, the Reasonable Doubt rapper said, “New York is the epicenter of culture. We have the opportunity to create a destination at the heart of the true crossroads of the [world]. My partnership with SL Green and Caesars has all the promise and commitment to economic opportunity, growth and enrichment for the community and everyone that visits the Empire State.”
Caesars Palace Times Square is the expected name of the casino and would occupy eight floors in the 54-story tower between West 43rd and 44th. The casino floors would be home to restaurants and entertainment, while an 800-room five-star hotel would be created in the building above.
SL Green and Caesars Entertainment are both excited to partner with HOV.
“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,” said Marc Holliday, chairman & CEO of SL Green. “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.”
Caesars Entertainment followed up with a similar statement.
“We are thrilled to have Roc Nation and JAY-Z join our partnership to bring Caesars Palace to Times Square. They are one of the most pioneering entertainment groups in the world with New York embedded in their DNA,” said Tom Reeg, CEO of Caesars Entertainment. “Times Square has been the heartbeat of American Entertainment for over a century. Through our shared vision, we will build a world-class destination specifically designed to complement and elevate today’s Times Square experience, ensuring it remains a magnet for visitors and a hub of creativity for years to come.”
Caesars Palace Times Square will not only generate billions in tax revenue for New York City and state, but it will also boost New York’s economic recovery. Caesars Rewards members will be able to use credits at Broadway shows, local hotels, restaurants, retail stores, comedy clubs, entertainment venues, and more. The casino is set to be the driving force for more tourist attractions and for employment opportunities for local New Yorkers. Caesars Palace Times Square will provide direct and indirect jobs in and around Times Square, including:
- 7 million+ net new visits to Times Square annually
- 600,000+ new overnight visits to local hotels
- 7 million+ new meals for local restaurants
- $166 million+ new retail spending
- More than $65 million in new annual Broadway ticket sales, supporting 500 theater district jobs.
Along with SLG, Caesars and Roc Nation, other major players in the bidding war include Related Companies and Wynn Resorts at Hudson Yards, Mets owner Steve Cohen and a casino partner near Citi Field in Queens, and Soloviev Building Company and a casino partner for a complex called Freedom Plaza on First Avenue in the East 30s.