Jay-Z’s Roc Nation Plans To Use A Portion Of Caesars Palace Times Square’s Profits For An ‘Unprecedented Grant Program’
Jay-Z seemingly never rests.
On Monday morning, September 23, Jay-Z’s Roc Nation announced plans for an “unprecedented grant program” tied to the profit of Caesars Palace Times Square, a casino in development from Jay-Z, Roc Nation, and SL Green and Caesars Entertainment.
Roc Nation posted the news on Instagram.
“As part of $250 million community benefits commitment, Caesars Palace Times Square guarantees $15 million in initial funding to support community investments,” it reads. “Ongoing support tied directly to financial performance comes in addition to the $250 million.”
The statement continues:
“Led and initiated by Roc Nation, the bid team behind the proposal for Caesars Palace Times Square has announced a first-of-its-kind financial commitment to the Hell’s Kitchen community, including Manhattan Plaza, the famed artists’ affordable housing development.
The community would receive an initial $15 million from Caesars Palace Times Square upon arrival of its bid, and regular grants funded based on .5$ of casino performance. The unprecedented plan is another significant pillar of the Caesars Palace Times Square team’s unwavering commitment to uplifting Manhattan’s West Side and investing in New York.”
Jay-Z said, in part, “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.”
This latest addition to Roc Nation’s bid echoes the sentiment initially shared in Roc Nation’s May 2023 open letter laying out a proposal for Caesars Palace Times Square, which would become New York City’s first such casino.
As relayed by Billboard, “a finite amount of licenses [are] expected to be granted by New York State in 2025.”
source https://uproxx.com/music/jay-z-roc-nation-announce-times-square-casino-grant-program/
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