Jay Z Offers $250 Million in Grants to Hell's Kitchen in New York Casino Bid
Date: 2024-09-24 Author: Alex Crawford Categories: CASINO, PEOPLE
American rapper Jay Z is stepping up his bid to build a casino in Times Square by offering $250 million in grants to the New York City neighborhood of Hell's Kitchen.
Jay Z's Roc Nation in Race for New York Casino Licenses
Jay Z and his company Roc Nation have teamed up with SL Green and Caesars Entertainment to propose building a Caesars Palace casino in Times Square. The project, which would create a new entertainment hub in one of New York's premier tourist areas, is competing with other bids from companies like Wynn Resorts and Mohegan Sun.
According to Page Six, Jay Z and his partners have offered to spend more than $250 million in grants to Hell's Kitchen. However, the funding will be contingent on their project receiving a casino license.
Roc Nation plans to start by providing $15 million as a down payment for community development. Future grants will be based on casino profits, with a portion of that money going to residents and businesses in Hells Kitchen.
Helping Local Businesses and Communities: Long-Term Benefits
Jay Z expressed confidence that whoever wins a casino license will benefit. However, he emphasized that his team is committed to not only receiving revenue, but also sharing it with residents of Hells Kitchen, Broadway, and the surrounding areas. In his opinion, this will not only help business growth, but also create long-term benefits for the city.
“Any company that gets a casino license is going to make money. But our goal is to give back to New York City and make sure that Broadway, Hells Kitchen, and the surrounding areas benefit from it. Not just in the short term, but in the long term,” Jay Z explained.
Speaking about the grant plan, Jay Z emphasized the importance of helping local communities and creating new opportunities for neighborhoods. He added that this is not only part of the Roc Nation philosophy, but also a “collective responsibility.”
Jay Z’s project has already received support from more than 150 businesses and organizations, including hotels, restaurants, and labor unions. However, his application, like other companies, is facing opposition from anti-gaming groups in New York City.
