New York Metropolis known as town that by no means sleeps for a cause. Nightlife is considered one of its largest financial engines for town, producing tens of billions of {dollars} and a whole bunch of thousands and thousands of {dollars} in tax income every year.

However for all its world-class bars, golf equipment and theaters, one aspect has at all times been lacking: a on line casino. That can quickly change, as town prepares to problem three new gaming licenses to potential bidders, paving the best way for the primary casinos in NYC.

There are 8 whole bids for the three licenses. Simply two of these bids could be positioned throughout the metropolis. And solely considered one of them is backed by Jay-Z.

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Upping the ante

The concept for a Instances Sq. on line casino did not originate in a boardroom — it began courtside at a Nets sport. That is the place Jay-Z bumped into Marc Holliday, chairman and CEO of SL Inexperienced Realty Corp., the actual property funding belief that owns 1515 Broadway, a constructing within the coronary heart of Instances Sq. slated for renovation.

When Holliday floated the concept of a on line casino in collaboration with Caesars Palace, Jay’s curiosity was instantly piqued. His leisure firm, Roc Nation, has expertise within the playing house, from working a on line casino inside its Las Vegas 40/40 Membership in 2008 to holding a partial stake in Fanatics Betting.

Picture credit score: Roc Nation

He rapidly looped in Roc Nation CEO Desiree Perez, who occurred to be receiving an award alongside Vacation on the Gridiron Dinner later that week. After the occasion, Perez and Holliday met as much as discover the idea additional — and the partnership started to take form.

“It is one thing we are able to do rather well as a result of it lives squarely on the earth of leisure,” Perez says. “And with every thing we do, each enterprise we run, there’s at all times a neighborhood part.”

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Play the hand you are dealt

The choice to deliver casinos to New York Metropolis is just not with out controversy. Some polls point out that as many as 71% of Instances Sq. residents oppose the transfer. However Roc Nation CEO Desiree Perez frames it in a different way: the licenses are inevitable — it is only a matter of who secures them.

Perez emphasizes that Roc Nation has made a concerted effort to make sure the on line casino advantages residents as a lot because it does builders.

“I spent 5 years speaking to communities across the space, listening to suggestions from locals,” Perez shares. “Some individuals would inform me they simply don’t love casinos. I might say, ‘I perceive, but when one have been to come back anyway, what would you need them that will help you with?'”

Based on Perez, residents’ major issues have been safety and site visitors.

As a part of their bid, the consortium has dedicated $250 million over 10 years in neighborhood advantages for Broadway, public well being and security in Instances Sq. and surrounding neighborhoods. Moreover, they’ve pledged 0.5% of income in perpetuity to the West Aspect Group Fund to offer long-term assist to native residents.

The breakdown of those funds is printed under.

Roc Nation, SL Inexperienced and Caesars Palace have additionally partnered with Cadre founder Ryan Williams on an initiative that permits native households to put money into the on line casino with a minimal of $500.

“Generally we agree with leaders, generally we do not — however on the finish of the day, it is the citizen who’s left standing,” Perez says. “If town goes to problem 30-year licenses value billions, should not these firms be held accountable? Should not they be giving again to the neighborhood, providing the very best bundle for New Yorkers?”

If Roc Nation’s bid is profitable, funds to the neighborhood will start immediately. However residents must wait a minimum of 3 years for the precise renovations to be accomplished.

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