Jay-Z's Roc Nation and Caesars have joined together to propose a casino in Times Square.

Monday, December 5th, Caesars Entertainment, based in Las Vegas, made public its partnership with SL Green and the backing of Roc Nation, the full-service entertainment agency founded by rapper Jay-z. Both parties are involved in the company's pursuit of a "new, state-of-the-art gaming facility at 1515 Broadway in Times Square."

Forming a New Alliance

Caesars Entertainment, SL Green, and Roc Nation, three of the best in their respective fields, have joined forces to propose a groundbreaking plan for a world-class casino in the heart of the world's most popular tourist destination: Times Square.

Roc Nation has agreed to "help revitalise Times Square by partnering with neighbourhood organisations to re-imagine programming in the district's famous bow-tie."

Shawn Carter of "JAY-Z" Roc Nation remarked, "New York is a lighthouse, the epicentre of culture. In the centre of Times Square, the real crossroads of the world, we can build a destination. This alliance, which I have formed with SL Green and Caesars, holds the key to prosperity and progress for New York's locals and tourists alike.

"There is no better partner than JAY-Z and Roc Nation to help Caesars Palace Times Square ensure that Times Square remains a global entertainment hub and economic engine for New York," said SL Green Chairman and CEO Marc Holliday. Together, we will reunite the bow tie around a new set of inventive programmes that will appeal to New Yorkers and visitors alike, making Times Square a more vibrant and exciting place for the almost 130 million people who come each year.

"We are thrilled to have Roc Nation and JAY-Z join our partnership to bring Caesars Palace to Times Square," said Tom Reeg, CEO of Caesars Entertainment. They are one of the most innovative entertainment companies in the world, and New York is deeply ingrained in their culture. For more than a hundred years, Times Square has been the beating centre of American popular culture. Together, we will create a world-class destination that will enhance and expand upon the Times Square of today, guaranteeing that the area will continue to draw tourists and serve as a source of inspiration for years to come.

New York licence applicants face competition:

Caesars, following its October alliance with SL Green, sought for one of three licences necessary to lawfully operate the planned Times Square Casino on Broadway.

The fate of the competition for one of New York's licences is uncertain, as there are also five other firms vying for the opportunity.

Main idea:

"The new project will not only provide billions in tax revenue to New York, it will also accelerate its economic recovery through strategic partnerships with area businesses using its industry-leading loyalty programme Caesars Rewards," a spokesperson for Caesars said. 

The project has the potential to increase yearly foot traffic to Times Square by 7 million, hotel reservations by 600,000, retail sales by $166 million, and ticket sales for Broadway by $65 million.