Jay-Z sweetens pot on Times Square casino bid with $250M in proposed grants to Hell’s Kitchen
By Ian Mohr
Published Sep. 23, 2024, 6:54 a.m. ET
Jay-Z is looking to sweeten the pot on his Times Square casino bid.
The rap icon and Roc Nation will commit more than $250 million in grant money for Hell’s Kitchen if they land the bid to create a Caesars Palace Times Square casino, Page Six has learned.
The hip hop mogul’s Roc Nation-led group would give an initial $15 million to the local community — plus regular grants based on .5% of the casino’s performance.
The Caesars Palace Times Square team has already met with residents of Manhattan Plaza — the famed affordable housing development for artists — to clue them in on the potential benefits, we hear.
Jay-Z said in a statement announcing the grant initiative: “We are New Yorkers. Supporting and providing opportunities for our neighborhoods and community isn’t just a part of Roc Nation’s ethos… it’s our collective responsibility.”
The “Empire State of Mind” artist added, “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.”
Roc Nation is looking to move further into the gambling world — after New York City was greenlighted for a gaming license — and has teamed with Caesars Entertainment and SL Green.
Other players vying to land the biz at different locations around town include Saks Fifth Avenue, Mohegan Sun, Wynn Resorts and Greenwood Gaming and Entertainment, Resorts World Casino and more.
They’ve all put their chips on the table to try and win the coveted licenses.
The Roc Nation plan would distribute grant funding via a new trust controlled by community residents, the group contends, and the “$250 million community funding promise” would include improvements in Times Square, Hell’s Kitchen and surrounding areas.
Casinos can earn anywhere from $1 million to $10 million per day, The Post has reported. (Nevada, where the US’s gambling epicenter lies, reported gross gaming revenue of $13.43 billion in 2021.)
Roc Nation’s group says its bid is getting support from “over 150 organizations and businesses
including restaurants, hotels, residents, unions and Broadway stakeholders.”
We previously reported that Jay-Z, 54, is also a player in the Fanatics Sportsbook business, which just launched at Ocean Casino Resort in New Jersey with a $250,000 blackjack tournament.
https://pagesix.com/2024/09/23/entertainment/jay-z-sweetens-the-pot-in-casino-bid-with-250m-in-grants/
>Kitchen is HOT.