Roc Nation has joined Caesars Entertainment and SL Green in working toward opening a New York casino at 1515 Broadway in Times Square. Jay-Z’s, Roc Nation will be the official entertainment partner for Caesars Entertainment and SL Green.
Roc Nation is a full-service entertainment agency founded by Shawn “JAY-Z” Carter. JAY-Z said:
“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.
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.”
Roc Nation joins Caesars and SL Green to redevelop 1515 Broadway
The deal brings together three major organizations. The first is NY’s largest office property owner, SL Green. The second is Caesars, a leading US gaming company. And lastly, a world-famous entertainment company, Roc Nation.
Together, they plan to deliver a NY casino to the world’s top tourist attraction, namely “The Crossroads Of The World.”
Tom Reeg, CEO of Caesars Entertainment commented: “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.”
Marc Holliday, Chairman & CEO of SL Green, added: “Together, we will bring the nearly 130 million 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.”
Caesars Palace Times Square to boost local businesses
Caesars Palace Times Square is expected to provide billions in tax revenue to New York City and State. The new gaming venue should accelerate New York’s economic recovery through strategic partnerships with area businesses.
Likewise, Caesars will utilize its industry-leading loyalty program Caesars Rewards, which has over 65 million members. Caesars Rewards members will be able to use credits at:
- Broadway shows
- Local hotels
- Comedy clubs
- Entertainment venues
Investors say that the new project will create thousands of jobs in and around Times Square, including:
- 7 million+ net new visits to Times Square every year
- More than 600,000 new overnight stays at local hotels
- 7 million+ new meals for local restaurants
- Over $166 million in new retail spending
- More than $65 million in new annual Broadway ticket sales, supporting 500 theater district jobs
Caesars still must convince NY regulators to provide it with one of three downstate casino licenses. The Gaming Facility Location Board is to issue a request for applications (RFA) for any interested casino operator by Jan. 6, 2023.
Caesars is just one among several bidders on those licenses.
Times Square casino proposal faces opposition
A Times Square casino is supported by a broad coalition of stakeholders representing construction labor. However, it faces opposition from one prominent interest group.
The Broadway League recently sent a letter to its members explaining its disagreement with Times Square casino. The opposition has nothing to do with the actors involved in the project or any specific details from Caesars’ proposal.
The League is against the entire concept. They’re concerned that a new gaming venue may cannibalize existing casino businesses.