In an ambitious move, SL Green Realty Corp., recognized as Manhattan’s largest office landlord, has submitted a proposal to create a state-of-the-art casino titled Caesars Palace Times Square. This initiative aims to secure one of the open state license slots for casino operations in New York City.
To strengthen their proposal, SL Green has formed a partnership with a diverse group of influential figures, including music mogul Jay-Z, civil rights leader Rev. Al Sharpton, and digital real estate investor Ryan Williams. This coalition seeks to enhance representation for Black and working-class individuals in the gaming industry, traditionally dominated by white stakeholders.
“Caesars Palace Times Square embodies a diverse coalition of support, all recognizing its potential to uplift hardworking communities across New York City,” said Garrett Armwood, SL Green’s head of government affairs. He emphasized the project’s goal of creating good-paying jobs and establishing a $250 million community benefits program, which includes historic representation within casino ownership for underrepresented communities.
The proposed plan outlines an extensive transformation of the office building located at 1515 Broadway. SL Green is looking to develop a 150,000 square-foot casino that will feature over 3,000 slot machines, 190 gaming tables, and 13 private gaming salons. Additionally, the venture will include a Caesars Sportsbook at the 40/40 Club, designed by Jay-Z, and a dedicated World Series of Poker room. The hotel component aims to offer 992 rooms, several fine dining establishments, a wellness retreat, nightclubs, and a family-friendly rooftop park, SUMMIT One, complete with scenic views.
Ryan Williams, the founder of Cadre, provided insight into his involvement, stating, “Exceptional partnerships ultimately create long-term value. I see this as an opportunity to help everyday New Yorkers invest directly in equity shares of the hotel and casino project, with contributions starting at $500.”
Williams, who has facilitated billions in funding aimed at empowering underserved communities, is not a gambler himself but has seen the negative impacts of gambling on those around him. “The goal is to provide ordinary citizens with a stake in this venture, allowing them to earn profits directly linked to the success of the casino.”
As part of its commitment to social responsibility, SL Green has earmarked $250 million for community investments. This involves allocating $80 million for public safety initiatives, $20 million for providing Broadway tickets to economically disadvantaged families, $5 million for health care focused on LGBTQ+ individuals, and $15 million to establish a civil rights museum in partnership with Al Sharpton and the Civil Rights Foundation.
Sharpton, rallying support from union members at a recent event, underlined the importance of community involvement. He expressed pride in backing the Caesars Palace Times Square project, affirming its potential to bring meaningful change to neighborhoods confronting economic challenges. Assemblymember Jordan Wright echoed this sentiment, framing the project as a crucial step toward creating good-paying union jobs and generating long-term economic stability.
The emergence of casino gaming in New York State has been accelerated since the enactment of the Upstate New York Gaming Economic Development Act in 2013. This legislation necessitated a seven-year gap before the state could solicit bids for casino licenses in New York City, a process that has attracted numerous proposals, including eight for three available site licenses in 2023. Each company has submitted a $1 million fee to the New York State Gaming Commission as part of the bidding process.
However, New York City carries a complex legacy of gambling, marked by both cultural significance and challenges related to race and legality. Historically, the Harlem neighborhood was known for its flourishing numbers racket during the 1920s and 30s, engaging individuals from different socioeconomic backgrounds despite its informal and often illicit nature.
LaShawn Harris, an associate professor of history, highlighted the cultural roots of the numbers game. It was a fixture in many households, providing entertainment and a potential financial return, though it was not without its issues and controversies.
Despite its cultural significance in the Black community, gambling has faced significant opposition from various factions, including some religious groups who view it as morally questionable and harmful. The legalization efforts in New York during the late 20th century were marked by the inclusion of white stakeholders while marginalizing Black casino operators, further complicating the legacy of gaming in the city.
Current research indicates specific demographics in Black and Asian communities are most susceptible to gambling-related harms. Among them are young adults aged 18 to 24, Black men, and individuals with lower incomes or educational attainment.
Armwood has assured that Caesars Entertainment will implement comprehensive measures for responsible gaming and addiction prevention. The proposal includes measures such as a self-exclusion policy, a 24-hour helpline, and site-specific problematic gaming policies designed to cater to New York City’s unique challenges.
Critical voices in the community are cautious regarding gambling’s potential impact on vulnerable populations. Harris has expressed hope that the initiative will generate genuine economic advantages for local workers while also demanding that systemic safeguards are put in place to protect those most at risk of gambling addiction.
Public dialogue about the project is ongoing, with the community advisory committee, which includes local government representatives, set to vote once the public comment period concludes in September. A final decision from the state’s gaming commission is anticipated by December.
Brad Maione from the gaming commission reiterated their commitment to responsible gaming practices. All applicants for a casino license are required to submit a detailed plan addressing responsible gambling, ensuring collaboration with local organizations dedicated to addiction services.
As the proposal for Caesars Palace Times Square advances, it joins other casino bids across New York City, reflecting a broader trend toward expanding gaming options while navigating the intricate dynamics of community support and ethical concerns around gambling.
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