Rapper Jay-Z, the self-proclaimed King of New York, has joined SL Green and Caesars Entertainment to open a casino in the middle of Times Square right at the old MTV office.
According to NY Post, the Grammy Award-winner is not coming into the venture alone – his Roc Nation brand is backing him.
On Monday, December 5th, SL Green announced at its annual investor conference.
In addition to linking the “Blueprint” emcee with the project, now called the Caesars Palace Times Square, reps for SL Green stated the new high-tech and glammed-out casino will be located at the company’s 1515 Broadway office tower.
This trifecta of a partnership will go up against half of a dozen other proposals submitted to the state for the first casino in New York City.
Jigga, a billionaire, is an attractive partner not just because he has money but because he has clout and will oversee entertainment programming at 1515 Broadway and other SL Green properties at the “Crossroads of the World.”
SLG is currently the city’s largest commercial landlord and has interests in six Times Square properties, owning more than four million square feet. The casino would take up only eight floors in the 54-story tower between West 43d and 44th streets.
The casino will not be on the ground floor, which has been set aside for non-gaming uses, including an entrance to the Minskoff Theater, the Broadway theater which is the home of “The Lion King.”
SLG chief executive officer Marc Holliday said, “We are putting theater at ground level.” The Broadway world, led by the Broadway League, is unhappy about the change, saying it will be “dangerous” for the old white way.
Others are down. Owners of restaurants such as Carmine’s, Bond 45, and Junior’s and by Actors Equity and hotel and construction unions see how it can bring them more business.
Jay-Z seems happy about the partnership.
He said, “New York is the epicenter of culture. We have the opportunity to create a destination at the heart of the true crossroads of the world. My partnership with SL Green and Caesars has all the promise and commitment to economic opportunity, growth, and enrichment for the community and everyone that visits the Empire State.”