In continuing efforts to secure approval for a casino in Times Square, Roc Nation has promised to donate 0.5% of revenue from a future downstate New York casino to assist community programs in Hell’s Kitchen.
Initially, according to a press release from Roc Nation, $15 million would be paid to Hell’s Kitchen programs as a down payment toward the promised revenue share on the proposed Caesars Palace Times Square, which takes aim at securing one of three available downstate casino licenses.
Roc Nation: As much as 0.5% of revenue earmarked for local programs
It’s unclear how much money could flow to New York-based organizations based on a 0.5% rate of revenue or adjusted revenue from a Caesars Palace Times Square casino, a project Roc Nation teamed up with SL Green and Caesars Entertainment to potentially develop.
Earlier this year in May, Roc Nation founder Jay-Z issued a statement on social media to address concerns from some critics.
“Caesars Palace Times Square will benefit all of New York – the hotel and restaurant workers in the area, retailers and surrounding neighborhoods,” the legendary rapper said.
“Our bid commits $115 million for diverse theater programs that include daycare for Broadway workers and their families.”
Roc Nation seeks to address concerns over Times Square casino
Representatives of Roc Nation met recently with Manhattan Plaza residents to discuss possible issues surrounding a New York casino the entertainment company hopes to build. It appears to be an effort to stem criticism that their plan would exploit the neighborhood it would be located in.
“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,” Jay-Z said.
“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.”
The city of New York is obviously a big target for bidders looking to obtain a downstate casino license, which could allow the holder to offer online casinos in New York once lawmakers legalize iGaming. The New York State Gaming Commission has yet to decide on licensing for a potential NYC casino, though several proposals have been submitted.
Caesars Palace Times Square a ‘long-term’ benefit for NYC
The Caesars Palace plan would place a casino and entertainment complex in the Times Square district. SL Green, a New York-based property management and realty company that partnered with Roc Nation and Caesars, expressed its support of the donation plan.
“We partnered with Roc Nation for a reason,” Brett Herschenfeld, executive vice president of SL Green, said in a statement, “and [we] are thrilled to support any Roc Nation-led community initiative that extends the benefits of this project to more New Yorkers.”
According to Roc Nation, more than 150 organizations, charities, and businesses in New York support the Caesars Palace Times Square proposal.
