Roc Nation Develops Unprecedented Grant Program For Hell’s Kitchen and Surrounding Area, Offering an Ongoing Financial Commitment Tied to Casino Performance
September 23 2024 - 6:00AM
Business Wire
As part of $250M community benefits commitment,
Caesars Palace Times Square guarantees $15M in initial funding to
support community investments; ongoing support tied directly to
financial performance comes in addition to the $250M
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.
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Media: BerlinRosen for Caesars Palace Times Square,
cpts@berlinrosen.com