Jay-Z wants to set up a gambling shop in New York. The hip hop mogul on Thursday (May 11) made his proposal public in a personal letter penned to the Empire State.
In the letter headlined It’s Time, Times Square, Jay-Z through Roc Nation appeals to New Yorkers and explains why Roc Nation and ‘our partners’ deserve to be awarded a contract to launch a casino in the heart of Times Square.
Jay-Z says his bid in partnership with Caesars Palace would give back to all surrounding businesses in the area, invest money into sanitation, develop and deliver a much needed transportation plan as well as protect the entertainers and creators of Broadway, which he believes would boast the city’s tourism industry as well as enhance the lives of every day New Yorkers.
TMZ adds the casino would be built on the top 8 floors of an existing Times Square skyscraper. The casino floors would also house restaurants and entertainment uses, while an 800-room five-star hotel would be created in the building above.
“Our bid honors the city of dreams, New York City, and the people that have made it the place we call home, the cultural and entertainment capital of the world. This is our moment, our opportunity to capture the energy of Times Square and invest in our city. You’re a New Yorker, you get it,” the letter published in several New York papers concludes.
Jay-Z’s bid comes weeks after elected officials in Albany authorized up to three casino licenses for downstate New York, which includes New York City, Long Island and Westchester County.
Mets owner Steve Cohen, The Soloviev Group and Wynn Resorts are also bidding for licenses. However, they have their eyes set on different NYC locations.
Selected operators would pay a 30.5% tax rate on their gross revenues and pay a $10 million license fee. Winning bids will be selected later this year.