Roc Nation Develops Unprecedented Grant Program For Hell’s Kitchen and Surrounding Area, Offering an Ongoing Financial Commitment Tied to Casino Performance

NEW YORK--(BUSINESS WIRE)--Sep 23, 2024--

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 approval 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.

Caesars Palace Times Square remains open and committed to working with many organizations in the broader community to ensure that a gaming and entertainment venue on the west side of Manhattan is a win for all. Most recently, the team behind Caesars Palace Times Square, led by Roc Nation, met with residents from Manhattan Plaza to explain their opt-in community benefits program and seek input from the community on their project.

“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,” said Shawn “JAY-Z” Carter. “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.”

“We partnered with Roc Nation for a reason, and are thrilled to support any Roc Nation-led community initiative that extends the benefits of this project to more New Yorkers,” said Brett Herschenfeld, EVP at SL Green.

The funding would be distributed to a newly-formed trust controlled by community residents, serving as trustees, that would make distributions for community priorities such as after school programs, childcare, senior support or other local priorities. The initial $15 million commitment is part of the bid’s overall $250 million community funding promise, which will include significant improvements to address longstanding neighborhood priorities in Times Square, Hell’s Kitchen and surrounding areas, including sanitation, security and congestion management.

Caesars Palace Times Square is the only gaming proposal designed the New York way. The proposal would re-use an existing office building at 1515 Broadway, located in the heart of New York City’s iconic entertainment district, and will be designed with a limited number of restaurants and hotel rooms to create excess demand for dozens of existing establishments in neighboring communities.

The coalition supporting the bid now includes more than 150 organizations and businesses including local restaurants, hotels, residents, unions and Broadway stakeholders.

About Caesars Palace Times Square

New York City has a once-in-a-lifetime chance to level up Times Square, protecting the world’s economic engine and cultural capital. SL Green Realty, Caesars Entertainment, and Roc Nation are partnered on a bid to win one of three new gaming licenses and convert the existing office building at 1515 Broadway into a state with a world-class gaming and entertainment destination.

View source version on businesswire.com:https://www.businesswire.com/news/home/20240923300598/en/

Media: BerlinRosen for Caesars Palace Times Square,cpts@berlinrosen.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: CASINO/GAMING GENERAL ENTERTAINMENT ENTERTAINMENT

SOURCE: Caesars Palace Times Square

Copyright Business Wire 2024.

PUB: 09/23/2024 06:00 AM/DISC: 09/23/2024 06:02 AM

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