JAY-Z's Roc Nation Promises $15 Million To NYC Community Amid Casino Bid

JAY-Z's Roc Nation will pledge a historic contribution to Hell's Kitchen if Caesars Palace's proposal for a new casino in the heart of New York City gets the green light.

Shawn Carter's company, which leads the bid team for Caesars Palace Times Square, announced its plan to provide $15 million to New York City on Monday, September 23. If the bid is accepted, the community will receive an immense payout as well as regular grants based on .5% of the casino's performance. The massive investment in Hell's Kitchen and neighboring areas is part of Caesars Palace's $250 million commitment to improving Manhattan's West Side.

“We are New Yorkers. Supporting and providing opportunities for our neighborhoods and community isn’t just a part of Roc Nation's ethos; it's our collective responsibility,” Hov said in a statement. “Any proposal that wins a gaming license will undoubtedly profit. 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.”

The community would receive the funding through a newly formed trust controlled by community residents. The trustees would distribute the funds for priorities like childcare, after-school programs, senior care and other community-based necessities. Roc Nation and Caesars Palace's $250 million investment aims to address longstanding issues in Times Square, Hell’s Kitchen and surrounding areas including sanitation, security and congestion management. The bid even met with residents from Manhattan Plaza, which is a couple of blocks away from the proposed casino site, and sought their input on the project.

“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,” Executive Vice President at SL Green Brett Herschenfeld said.

JAY-Z and Roc Nation joined SL Green and Caesars Entertainment's mission to open a new casino at 1515 Broadway in Times Square two years ago. Since then, other groups led by billionaires have submitted bids for the space including bidding groups led by billionaires, including Miami Dolphins owner Stephen Ross, New York Mets owner Steve Cohen and others.