Times Square Casino to Give 0.5% of Profits to Community

The competition for one of three downstate New York casino licenses is intensifying, as interested parties vie for the support of local communities, lawmakers, and regulators. The Caesars Palace Times Square casino project is making a strong case for itself by proposing to give back to the local community in Hell’s Kitchen. They plan to share 0.5% of the casino’s profits with the area, supporting initiatives such as childcare, senior citizen support, and after-school programs.

Backed by superstar rapper Jay-Z, the project aims to demonstrate its commitment to the community by offering a total of $250 million in funding, including a $15 million one-time payment if Caesars secures a license. Jay-Z, a Brooklyn native, emphasized the importance of long-term benefits for the community, stating that they want people and businesses in the area to benefit not just momentarily, but for years to come.

Roc Nation, Jay-Z’s entertainment company, is collaborating with real estate firm SL Green and Caesars Entertainment on this project. While many local labor unions are in favor of the project, some organizations like The Broadway League oppose it. The final decision on which proposals will receive a license is expected to be made next year.

Overall, the Caesars Palace Times Square project is making a strong case for itself by emphasizing its commitment to giving back to the local community and providing long-term support for various initiatives. With the support of Jay-Z and other key stakeholders, the project aims to secure one of the coveted downstate New York casino licenses and make a positive impact on the Hell’s Kitchen area.

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