Roc Nation has spearheaded a “first-of-its-kind” financial commitment to the Hell’s Kitchen community in New York City, NY, as part of the proposal for Caesars Palace Times Square.
According to a press release, the initiative includes an initial $15 million investment aimed at supporting local residents, including those at Manhattan Plaza, the popular affordable housing development for performing artists.
“We are New Yorkers,” Roc Nation founder Jay-Z said. “Supporting and providing opportunities for our neighborhoods and community isn’t just a part of Roc Nation’s ethos; it’s our collective responsibility.”
As part of its dedication to enhancing Manhattan’s West Side and investing in New York, approval of the bid will see Caesars Palace provide the $15 million, along with ongoing grants derived from 0.5% of casino performance.
The press release notes that the Caesars Palace team is committed to collaborating with various local organizations to ensure the proposed gaming and entertainment venue benefits the entire community.
“Any proposal that wins a gaming license will undoubtedly profit,” Jay-Z added. “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.”
Funding will be managed by a newly established trust controlled by community residents as trustees, who will prioritize local needs such as after-school programs, childcare, and senior support. The initial $15 million is part of a broader $250 million community commitment aimed at addressing key issues that have been an ongoing concern in Times Square, Hell’s Kitchen, and neighboring areas, including sanitation, security, and congestion management.
“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,” Brett Herschenfeld, EVP at SL Green Realty Corp., said.
As AFROTECH™ previously reported, Jay-Z’s partnership with SL Green and Caesars Entertainment to revitalize the economic infrastructure of his home state and “reimagine programming” in Times Square dates back to 2022.
At the time of the initial announcement, it was reported that Caesars Palace Times Square, which is expected to attract nearly 130 million visitors annually, aims to generate billions in tax revenue for New York and forge partnerships with nearby businesses through its Caesars Rewards loyalty program.
“New York is a beacon, the epicenter of culture. We have the opportunity to create a destination at the heart of Times Square, the true crossroads of the world,” Jay-Z said at the time. “My partnership with SL Green and Caesars, this coalition, has all the promise and commitment to economic opportunity, growth and enrichment for the community, and everyone who visits the Empire State.”
