Jay Z’s entertainment agency Roc Nation has agreed to become the entertainment partner of Caesars Entertainment and SL Green in their attempt to launch a Caesar’s Palace casino venue in Times Square.
Roc Nation will support the bid to launch a Caesars Palace location in Times Square and, if opened, will help to ‘revitalize’ the area through neighborhood outreach.
“New York is a beacon, the epicenter of culture. We have the opportunity to create a destination at the heart of Times Square, the true crossroads of the world,” said Shawn ‘Jay Z’ Carter.
“My partnership with SL Green and Caesars, this coalition, has all the promise and commitment to economic opportunity, growth and enrichment for the community, and everyone who visits the Empire State.”
Back in October, Caesars disclosed its ambition to open a casino in Times Square at 1515 Broadway, aiming to provide billions of dollars in tax revenues and accelerating New York’s economic growth.
However, Caesars must go through a bidding process, with just three New York City area casino licenses up for grabs. Wynn Resorts is also said to be planning a bid too.
In October, the New York Gaming Commission made three appointments to a Gaming Facility Location Board, introduced to select up to three casino sites in the city area for licensure.
New York State government noted that ‘no determinations or licenses are expected to be issued until sometime in 2023 at the earliest’.
“We are thrilled to have Roc Nation and Jay Z join our partnership to bring Caesars Palace to Times Square,” added Tom Reeg, CEO of Caesars Entertainment. “They are one of the most pioneering entertainment groups in the world, with New York embedded in their DNA.
“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.”
As part of its bid, Caesars has claimed that a Caesars Palace Times Square would create seven million net new Times Square visitors per year, 600,0000+ overnight visitors to local hotels, over 7m+ new meals for restaurants and over $166m more in retail spending per year.
Supported by a coalition of stakeholders from the construction broadway and hospitality industries, Caesars Palace Times Square would be created in partnership with SL Green, a realty firm based in New York.
“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,” concluded Marc Holliday, Chairman & CEO of SL Green.
“Together, we will bring the nearly 130m 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.”