The Big Apple is about to roll the gambling dice and many billionaire investors are looking to try their luck at winning the big prize.
Elected officials have finally approved a casino license in the Big Apple (that’s right – only one for a city of 8 million people), leading to a massive and sometimes ugly bidding war between various wealthy applicants.
One prospect is none other than Jay-Z and his entertainment company, Roc Nation. The entrepreneur, known for his quip, “I’m not a businessman, I’m a company, man,” has teamed up with SL Green and Caesars Entertainment to propose building a Caesars Palace in the heart of bustling Times Square.
In an open letter on Instagram and Twitter from Roc Nation, titled “It’s Time Times Square,” the company argued why it should be granted New York City’s golden gambling ticket.
“The winning group must have a track record of walking the talk – putting New York City and its residents first – people of all races, religions, ethnicities, genders, sexual orientations and socioeconomic statuses,” the statement said Explanation. “Our proposal represents an innovative plan that will not only attract additional tourists to our city, but also improve the lives of everyday New Yorkers.”
Jay-Z’s plan promises to include giving back to surrounding businesses, boosting local transportation, investing in sanitation and safety, and “providing a much-needed transportation plan,” among other things. “Our offer includes $115 million for various theater programs, which include daycare for Broadway employees and their families,” the letter said.
Related: Jay-Z is investing heavily in a robotic pizza truck that will solve a major food industry problem
A total bidding war
New York voters approved Las Vegas-like casinos in their state in 2013. But just last year, elected officials in Albany approved casino licenses for New York state, including New York City, Long Island and Westchester County.
The prospect of opening a fully operational casino in America’s largest city is making billionaires want to become the king of New York’s casinos. In addition to Jay-Z, other bidders include New York Mets owner Steve Cohen, Gristedes supermarket scion John Catsimatidis and Hudson Yards developer Stephen Ross.
“Every billionaire wants a casino. The epitome of success in the US is owning your own casino,” said a source The New York Post.
However, the billionaires have different ideas about where they want to build their casinos. Cohen has teamed up with Hard Rock and wants to open a casino around Citi Field in Queens, where the Mets play. Catsimatidis has his eye on Coney Island, known for its boardwalk, amusement park and hot dog eating contest. Ross, who has partnered with Wynn, wants to build the casino in the newly developed Hudson Yards.
Allegations of a “misinformation” campaign
The Roc Nation letter, which also appeared in advertisements in the New York Post, New York Daily News and Amsterdam News, accused some “conflict parties” of spreading “misinformation” and claimed they wrote the letter to protect the to clarify matter.
Though Roc Nation didn’t name names, some believe they refer to a coalition of Broadway theater owners and producers, the Midtown Manhattan community, and tenant organizations calling themselves No Times Square Casino.
According to an article in meetingThe coalition opposes building a Caesars Palace in Times Square, where most Broadway theaters are located, citing traffic congestion, economic disruption and the fact that the area is “less welcoming for families”.
