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By: Hadassa Kalatizadeh
Jay-Z has penned an open letter to New York, making his case to be chosen for the gambling license to be awarded in New York City.
As reported by the NY Post, the rapper, record producer, and entrepreneur posted a long letter on Instagram on Thursday, from his entertainment company Roc Nation, pleading to be selected as “the winning group” for the license. Jay-Z, 53, and his company Roc Nation have partnered with Caesars Entertainment and NY developer SL Green to offer a casino in Times Square at the building 1515 Broadway.
The letter, with the heading “It’s Time, Times Square”, says there have been attempts by “conflicted parties” to “spread misinformation” and so this letter is meant to set things straight and help New Yorkers decide. “The winning group must have a track record of turning words into deeds — of putting New York City and its residents first — people of all races, religions, ethnicities, genders, sexual orientations and socio-economic statuses,” Jay-Z writes in the statement. “The winning license must always put the well-being of New Yorkers at the top of their agenda and do right by its residents,” the statement continues. “This is too important of a moment in our city’s illustrious history.”
Jay-Z says in the letter than his group’s proposal “will not only draw additional tourists to our city but will also enhance the lives of everyday New Yorkers”– by giving back to businesses, giving equal opportunities to all, and investing in a plan for mass transportation. The letter says their plan to add a casino will help revive the hotels, restaurants, retailers and theatres in the Times Square area. “Our bid commits $115 million for diverse theater programs that include daycare for Broadway workers and their families,” the statement adds.
Of course, Jay-Z isn’t the only one who wants a casino. There is fierce competition with numerous billionaires entering with their own bids, including: Mets owner Steve Cohen, who is pushing for a casino at Citi Field in Queens; real estate developer Stephen Ross of Related Companies who wants to open a casino at Hudson Yards; Stefan Soloviev wants one near the UN in Midtown Manhattan; and radio talk show host John Catsimatidis has entered a bid for a casino in Coney Island. “Every billionaire wants a casino. The epitome of success in the US is to own your own casino,” one source previously told The Post.
In January, amid the eager bidding, the NY Gaming Facility Board announced a $500 million license fee, which the winning bidder will need to pay the state within 30 days of being awarded with the license. Whoever the city chooses as the winner for the casino license, still stands to make a pretty penny, though. Casinos can rake in anywhere from $1 million to $10 million in a single day. As per the Post, Nevada, known as the nation’s gambling epicenter, reported gross gaming revenue of$13.43 billion in 2021.
