The Big Apple The dice are about to roll on gambling, and many billionaire investors want to try their luck to win the big prize.
Elected officials have finally authorized a casino license in the Big Apple (that’s right — just one for a city of 8 million people), sparking a massive and sometimes ugly bidding war between various wealthy suitors.
An interested party is no other Jay-Z and his entertainment company Roc Nation. The entrepreneur famous for saying “I’m not a businessman, I’m a businessman, man” has teamed up with SL Green and Caesars Entertainment to propose Caesars Palace in the bustling heart of Times Square.
In an open letter on Roc Nation’s Instagram and Twitter, titled “It’s Time, Times Square,” the company made the case for why it should give them a golden ticket to New York City gambling.
“The winning group must have a track record of turning words into action — putting New York City and its residents first — people of all races, religions, ethnicities, genders, sexual orientations and socioeconomic statuses,” the statement said. “Our proposal presents an innovative plan that will not only attract additional tourists to our city but also enhance the lives of everyday New Yorkers.”
Jay-Z’s plan promises to give back to surrounding businesses, benefit mass transit, invest in sanitation and safety, and “deliver a much-needed transportation plan,” among other things. “Our bid commits $115 million to a variety of theater programs including daycare for Broadway workers and their families,” the letter said.
Related: Jay-Z invests big money in a robo pizza truck that solves a major food industry problem
An all-out bidding war
New York voters approved Las Vegas-style casinos in their state in 2013. But until last year, elected officials in Albany authorized casino licenses for downstate New York, including New York City, Long Island and Westchester County.
Billionaires are vying to become New York casino kings at the prospect of opening a fully operational casino in America’s largest city. Besides Jay-Z, other bidders include New York Mets owner Steve Cohen, Gristadis supermarket scion John Catsimatidis and Hudson Yards developer Stephen Ross.
“Every billionaire wants a casino. The symbol of success in the US is owning your own casino,” said one source. The New York Post.
However, 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 overlooks Coney Island, famous for its boardwalks, amusement parks and hot dog eating contests. Ross, who has partnered with Wynn, wants to put the casino in the newly developed Hudson Yards.
Accused of ‘disinformation’ campaign
The Roc Nation letter, which also appeared in advertisements in the New York Post, New York Daily News and Amsterdam News, accused some of the “disputing parties” of spreading “misinformation” and claimed they wrote the letter to set the record straight. was
While Roc Nation did not name names, some believe they could be referring to Broadway theater owners and producers, the Midtown Manhattan community and a coalition of tenant associations calling themselves No Times Square Casinos.
According to an article in The last lineThe coalition opposes building Caesars Palace in Times Square, which is also home to most Broadway theaters, citing traffic congestion, economic disruption and making the area “less welcoming to families.”
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