New York casino bid: Roc Nation announces community grant programme
The bid team for Caesars Palace Times Square has announced a financial commitment to the community.
US.- Led by Roc Nation, the bid team behind the proposal for Caesars Palace Times Square in New York has announced a financial commitment to the Hell’s Kitchen community. The community would receive an initial $15m from Caesars Palace Times Square upon approval of its bid, and regular grants based on 5 per cent of casino performance.
The funding would be distributed to a newly formed trust controlled by community residents, which would make distributions for community priorities such as after-school programmes, childcare, and senior support. The initial commitment is part of the bid’s $250m community funding promise.
Roc Nation, the entertainment agency founded by rapper Jay-Z (Shawn Carter), joined SL Green and Caesars Entertainment’s bid for a New York casino licence as their entertainment partner in December 2022.
Carter said: “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. 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.”
Brett Herschenfeld, EVP at SL Green 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.”
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In July, the New York State Gaming Facility Location Board (PDF) extended the submission deadline for casino bids to June 27, 2025, despite the fact that bill proposing an August 31, 2024 deadline awaits governor Kathy Hochul‘s signature.
New York plans to grant up to three casino licences, and there are 11 bidders interested. MGM Resorts International, Wynn Resorts, Las Vegas Sands and Caesars Entertainment are among the operators to have set out initial plans. SB 9673 passed by the Senate and the Assembly dictates that the New York Gaming Facility Location Board must make recommendations on candidates by December 31, 2025.
