Caesars Palace Times Square has entered into a partnership that will give low-income households in New York the opportunity to participate in its proposed midtown casino project.
The partnership with Reverend Al Sharpton and Ryan Williams, the founder of global digital real estate investment platform Cadre, will give local households the ability to participate in the Caesars Palace Times Square project with accessible investment opportunities starting at $500.
Caesars Palace Times Square is the bid from SL Green Realty Corp, Caesars Entertainment, and Roc Nation to bring a gaming and entertainment destination to 1515 Broadway in Times Square.
“Thanks to the leadership and vision of JAY-Z, we believe that for the very first time our community will not only have a seat at the table but also the opportunity to have a stake in the ownership of Caesars Palace Times Square,” said Rev. Al Sharpton. “A New York casino belongs in Times Square and it should be designed to benefit all New Yorkers. That’s why I’m a supporter of Caesars Palace Times Square.”
The coalition supporting the bid now includes more than 200 organisations and businesses including local restaurants, hotels, residents, unions and Broadway stakeholders.
“This initiative overcomes longstanding barriers,” said Williams. “Through the Rev’s extensive network and our shared dedication to economic inclusion, we will move from promises to real progress, delivering tangible investor education and meaningful equity investment opportunities for everyday New Yorkers.
“More than a decade ago, I introduced a model that expanded real estate investment opportunities to a broader audience. Now, we are applying this approach to one of the most ambitious developments of our generation, with the goal of opening doors to financial opportunity for more New Yorkers than ever before.”
Caesars Palace Times Square would re-use an existing office building at 1515 Broadway and will be designed with a limited number of restaurants and hotel rooms to create excess demand for existing establishments in neighbouring communities, enabling those communities to benefit from the project, rather than competing with it.
“We are honored to partner with Rev. Al Sharpton and Ryan Williams to democratize our investment, providing access to families normally left out of investment opportunities,” said SL Green chairman and CEO Marc Holliday. “In every aspect, Caesars Palace Times Square is being designed to ensure its benefit is shared with communities across New York City.”
The Caesars Palace Times Square project has already committed to providing an initial $15 million to the Hell’s Kitchen community upon approval of its bid, alongside regular grants based on 0.5 per cent of casino performance.
The initial $15 million commitment is part of the bid’s overall $250 million community funding promise, which will include significant improvements to address longstanding neighbourhood priorities in Times Square, Hell’s Kitchen and surrounding areas.