Jay-Z is ensuring the people of New York City will benefit if Roc Nation and Caesars Entertainment win one of the three highly coveted casino licenses currently up for grabs in New York City.
The music mogul and Roc Nation have announced they will commit over $250 million in grant money for Hell’s Kitchen if the neighborhood lands the bid for a Caesars Palace Times Square casino, reports Page Six.
The outlet adds that Roc Nation would give an initial $15 million to the local community in addition to “regular” grants based on .5% of the casino’s performance.
The Caesars Palace Times Square team has reportedly already met with residents of nearby affordable housing communities to introduce the concept and outline how they would benefit.
“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 expressed in a statement according to Page Six. “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 joined forces with Caesars Entertainment and SL Green to enter the battle for one of the three casino licenses up for grabs in the city in June. Under their proposed plan, Roc Nation said they would give grant funding from a new trust controlled by community residents. The “$250 million community funding promise” would also include improvements in Times Square, Hell’s Kitchen, and other surrounding areas.
While Roc Nation’s group contends that its bid has received support from “over 150 organizations and businesses including restaurants, hotels, residents, unions and Broadway stakeholders,” the plan to add new casinos in New York has been met with mixed reactions.
This won’t be Jay-Z’s first foray into the gambling and gaming industry. This latest update has arrived just as Jay-Z was in Atlantic City to unveil a new brick-and-mortar location for the sports betting platform Fanatics at the Ocean Casino Resort. Hova is a co-founder of the online sportsbook alongside Michael Rubin and the partnership has been fruitful.
“We came up with the idea to do this together three years ago,” Rubin told The Philadelphia Inquirer during the opening event.
“Look, I’ll tell you the goal I have in mind. I want to be No. 1 in the online sports betting/iGaming market,” he continued. “One year later, we’ve already got 5% of that market. We’re growing very quickly. You look at two incredible companies, FanDuel and DraftKings, but everybody else is kind of losing shares. We’re picking up a share every single month.”
Jay-Z cut the ribbon on the official opening and even made it to a table or two to roll dice with attendees.
“Who wouldn’t want to gamble with Jay-Z?” Rubin told the outlet.
Only time will tell.