Jay-Z Looks To Expand His Empire As He Joins Investors Hoping To Open A Casino In New York’s Time Square
Jay-Z (real name Sean Carter) is looking to grow his financial empire, potentially by adding a casino to his portfolio.
The Brooklyn-born millionaire rapper/entertainment mogul and Roc Nation have joined forces with SL Green and Caesars Entertainment in hopes of building the casino, which would be housed in New York’s Time Square.
“New York is the epicenter of culture. We have the opportunity to create a destination at the heart of the true crossroads of the word. My partnership with SL Green and Caesars has all the promise and commitment to economic opportunity, growth and enrichment for the community and everyone that visits the Empire State.”
Eight levels of the 54-story structure would be taken up by the envisioned casino, which is slated to be called Caesars Palace Times Square. Restaurants and entertainment venues would be located on the casino floors, and the structure above would be transformed into an 800-room, five-star hotel.
The Minskoff Theater, which is known for hosting The Lion King, is expected to have an entrance on the bottom floor, which is designated particularly for non-gaming usage.
Jay-Z and his team are anticipated to manage the entertainment programming at 1515 Broadway and other SL Green sites at the “Crossroads of the World.”
SLG, the largest commercial landlord in the city, owns stakes in six Times Square properties with a combined square footage of more than four million.
A casino would allegedly be “hazardous” to Broadway theaters, according to local theater owners and producers, but SL Green believes it would really benefit the sector’s fortunes, which have been steadily declining.
In addition to bringing seven million more people to Times Square annually, $166 million would be spent in local stores thanks to casino visitors, according to consultancy firm AKRF.
Still, there will be tough competition for Jay-Z, Green, and Caesars Entertainment, as 12 other investor groups are anticipated to make offers for the casino. Wynn Resorts, New York Mets owner Steve Cohen and Soloviev Building Company are some of the rival bidders.
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