Jay-Z is joining a long list of suitors hoping to cash in on the gambling market after New York City was recently approved for a gaming license.
The hip-hop artist and entrepreneur released a long-winded statement on Instagram Thursday from his entertainment company Roc Nation with the headline: “It’s Time, Times Square.”
In an open letter to New York, Jay-Z makes his case for why he should be the one applicant granted the license, stating that others in the running have “spread misinformation.”
He’s vying for what is predicted to be a single license to open a legal casino in the city. His Roc Nation has partnered with SL Green and Caesars Entertainment on its casino bid.
“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 says in his 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.”
He states that his casino — “Caesars Palace Times Square” — will “benefit all of New York.”
Whoever the winning bidder of the license will be stands to benefit greatly.
Casinos can earn anywhere from from $1 million to $10 million per day. Nevada, where the US’s gambling epicenter lies, reported gross gaming revenue of $13.43 billion in 2021.
His statement also details information on giving back.
“Our bid commits $115 million for diverse theater programs that include daycare for Broadway workers and their families,” Jay-Z includes in the statement.
He joins other notable billionaires who are rolling the dice on gambling in the Big Apple.
Mets owner Steve Cohen, real-estate scion Stefan Soloviev, Gristedes CEO John Catsimatidis and Hudson Yards developer Stephen Ross are all gunning for that license to win money.
“Every billionaire wants a casino. The epitome of success in the US is to own your own casino,” a source in the business previously told The Post.
[Written in collaboration with other media outlets with information from the following sources]
