Opinions expressed by entrepreneurs’ colleagues are their very own.
New York is called a city that never sleeps for a reason. Night life is one of the largest economic engines for the city, generating tens of billions of dollars and tons of of hundreds of thousands of dollars of tax revenues each 12 months.
But for all world -class bars, clubs and theaters there was all the time one element: casino. This will soon change when the city is preparing to issue three latest games for potential bidders, paving the way for the first casinos in New York.
There are 8 offers for three licenses. There could be only two of those offers in the city. And only one of them is supported by Jay-Z.
Raising the rate
The idea for the Times Square casino was not created in the conference room – he began at the court in the game Nets. It was there that Jay-Z fell into March Holliday, president and general director of SL Green Realty Corp., The Real Estate Investment Trust, who owns 1515 Broadway, a building in the heart of Times Square, which is aimed at renovating.
When Holliday raised the casino’s idea in cooperation with Caesars Palace, Jay’s interest was immediately aroused. His entertainment company, Roc Nation, has experience in gambling, from running a casino at the Las Vegas 40/40 club in 2008, to partial shares in fanatical plants.
Image loan: ROC Nation
He quickly looped the General Director of ROC Nation Desiree Perez, who received a prize together with a holiday at Gridiron’s dinner this week. After the event, Perez and Holliday met to further examine this idea – and the partnership began to shape.
“This is something that we can do really well because it lives directly in the world of entertainment,” says Perez. “And in everything we do, every company we run is always a community component.”
Play the hand you may ask
The decision to bring casinos to New York is not without controversy. Some polls indicate that as many as 71% of Times Square residents oppose the move. But the general director of ROC Nation Desiree Perez Framek it in a different way: licenses are inevitable – it is only a matter of who protects them.
Perez emphasizes that Roc Nation has made a common effort to offer the casino to deserve residents in the same way as developers.
“I spent five years talking to communities in the area, listening to opinions from residents,” Perez divides. “Some people would tell me that they just don’t like casinos. I would say,” I understand, but if one would come anyway, what would you want them to enable you to? “
According to Perez, the predominant fears of the inhabitants were safety and movement.
As a part of its offer, the consortium has made $ 250 million in 10 years of social advantages for Broadway, Public Health and Security at Times Square and nearby districts. In addition, they promised 0.5% of revenues for eternity in the West Side Community Fund to offer long -term support for local residents.
The division of those funds is presented below.
Roc Nation, SL Green and Caesars Palace also cooperated with the founding father of Cadre Ryan Williams in an initiative that permits local households to speculate in a casino with a minimum of USD 500.
“Sometimes we agree with the leaders, sometimes not – but at the end of the day the citizen remained,” says Perez. “If the city intends to spend 30-year licenses worth billions, should these companies be held responsible? Should they not give away the community, offering the best possible package for New Yorkers?”
If the ROC Nation offer is successful, payments to the community will start immediately. But residents will have to attend at least 3 years at the end of actual renovations.
New York is called a city that never sleeps for a reason. Night life is one of the largest economic engines for the city, generating tens of billions of dollars and tons of of hundreds of thousands of dollars of tax revenues each 12 months.
But for all world -class bars, clubs and theaters there was all the time one element: casino. This will soon change when the city is preparing to issue three latest games for potential bidders, paving the way for the first casinos in New York.
There are 8 offers for three licenses. There could be only two of those offers in the city. And only one of them is supported by Jay-Z.
The remainder of this text is blocked.
Join the entrepreneur+ Today for access.