The team behind the proposal for Caesars Palace Times Square, led by Roc Nation, has announced a first-of-its-kind financial commitment to the Hell’s Kitchen community.
Upon approval of the bid, the community would receive an initial US$15m from Caesars Palace Times Square, and then regular subsequent grants funded based on 0.5 per cent of the casino’s performance.
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 programmes, childcare, senior support or other local priorities.
Roc Nation and others from the team met with residents from Manhattan Plaza to explain their opt-in community benefits programme 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 licence 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,” added Brett Herschenfeld, EVP at SL Green.
