New York Casino Bidder Vows $250M Community Investment

With three new downstate casino licenses up for grabs in New York, competition is fierce. So far, several recognizable gambling and entertainment operators have shown interest in developing a casino. Companies interested in submitting a license bid can do so by July 31, 2024, while the three new licenses are expected to receive approval by March 31, 2025, thanks to a lawmakers push that sought to accelerate the process.

One of the casino bids for a property in the NYC metro area represents a joint collaboration between the leading gaming and hospitality company, Caesars Entertainment, the entertainment company founded by the famous rapper Jay-Z, Roc Nation, and SL Green.

In a recent interview for amNewYork, Brett Herschenfeld, SL Green’s executive vice president, highlighted the benefits the Caesars Palace Times Square casino project would bring to local communities. The exec spoke about the extensive investment the companies are planning for communities and residents in the area.

The proposed site for the project is a lot at 1515 Broadway which is between W. 44 and W. 45 Streets. Currently, a 54-level building occupies the aforementioned site. However, per the company’s bid, the building will be converted into a casino offering Las Vegas-style games. The new gaming and entertainment location is expected to provide economic stimulus, generating taxes and at the same time boosting local businesses.

Local Communities to Benefit from a $250 Million Investment

Herschenfeld spoke about an important aspect of the casino bid that involved the investment of $250 million to Hell’s Kitchen and Midtown communities. Provided that Caesars, Roc Nation and SL Green secure a license, the companies vowed to complete the investment that is ultimately going to benefit local communities.

Thanks to the investment, a number of local environmental projects will be funded. Extra sanitation efforts will help clean the local streets and hundreds of new trees will be planted. A composting initiative will also benefit from the efforts.

“I’m starting the investment the day I win the license. I’m not waiting until we open for business. I will start making those investments in the community the second I win that license.“

Brett Herschenfeld, executive VP at SL Green

According to Herschenfeld, the moment the companies secure the much-coveted license, the investment will be initiated. He reiterated that the community efforts will begin as soon as their bid is successful.

Herschenfeld spoke about the importance of the project, acknowledging that it comes with “enormous responsibility” to the communities and neighborhoods in the area. He predicted the project would also help small businesses and restaurants in the area.