The famous American rapper and entrepreneur, Jay-Z, reportedly plans to boost his Times Square casino bid by offering $250 million in proposed grants that would benefit Hell’s Kitchen.
Jay-Z’s Rock Nation Remains in NY Casino License Race
Together with Roc Nation, the famous rapper joined forces with SL Green and Ceasars Entertainment in a bid that seeks to see the development of a Caesars Palace Times Square, a new casino at the major tourist destination and entertainment club.
The alliance competes with other bids by industry giants, including the likes of Wynn Resorts and Mohegan Sun, among others. Each bidder seeks to secure one out of a total of three downstate casino licenses that are expected to be awarded in New York.
Now, as announced by Page Six, in an effort to tip the scales, Jay-Z and Roc Nation vowed to commit more than $250 million in grant money to Hell’s Kitchen. Still, this grant is contingent on their successful bid for the Caesars Palace Times Square casino.
Per the recent report, Roc Nation, the company led by the famous rapper, will initially grant $15 million to Hell’s Kitchen’s community. Regular grants would also be awarded depending on the casino proceeds with the community receiving a certain percentage.
Helping Local Businesses and Communities Will Bring Long-Term Benefits
Sharing his excitement, Jay-Z acknowledged that the casino license would bring benefits to any winner. However, in Roc Nation, SL Green and Caesars’ case, they plan to give back part of the proceeds to Hell’s Kitchen, Broadway and neighboring communities. This, according to the famous rapper, will also help strengthen local businesses while at the same time bringing long-term benefits.
“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,“
explains Jay-Z in a statement
Upon announcing the plans for the Hell’s Kitchen grant, Jay-Z spoke about the importance of helping communities and creating new opportunities for local neighborhoods. He added that this isn’t only a part of Roc Nation’s ethos but rather a “collective responsibility.”
According to Roc Nation, its casino bid enjoys support from more than 150 businesses and organizations, with the list including hotels, local restaurants, as well as other stakeholders and unions. Still, this does not mean that their bid, along with the rival bids do not face opposition from anti-gambling groups in New York.
Source : GamblingNews