Roc Nation's Big Bet on NYC Community
Jay-Z's Roc Nation is making a huge commitment to the New York City community as part of their bid to build a casino in Times Square. The group announced a $15 million grant program for the Hell's Kitchen neighborhood if their Caesars Palace Times Square casino bid is approved.
This pledge is part of a larger $250 million benefit package. Roc Nation has partnered with SL Green and Caesar Entertainment to bring the first full-scale casino to Times Square.
"We are New Yorkers," Jay-Z said in a statement. "Supporting and providing opportunities for our neighborhoods and community isn’t just a part of Roc Nation’s ethos; it’s our collective responsibility."
In addition to the $15 million grant, the casino will also provide grants of 0.5 percent of its total profits to the NYC community.
This commitment comes as part of a competitive bidding process for a limited number of casino licenses. Roc Nation is facing stiff competition from other groups led by billionaires like Steve Cohen, Stephen Ross, Stefan Soloviev and John Catsimatidis.
Jay-Z's bid will replace an existing building on Broadway, bringing a limited number of hotel and restaurant options to the area.
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