Roc Nation Joins SL Green and Caesars Entertainment as Partner in Times Square Gaming Bid to Revitalize The World’s Top Tourism Destination

Rhea-AI Summary

Roc Nation partners with SL Green and Caesars Entertainment to develop a new gaming facility at 1515 Broadway in Times Square. This venture aims to attract over 7 million new visits annually and significantly boost local economic activity, generating billions in revenue for New York City. The coalition will enhance programming in Times Square while providing 600,000 new overnight hotel visits and 7 million new meals served in local restaurants. With a focus on community enrichment, the partnership hopes to revitalize this global entertainment hub.

Positive

• Expected to generate over 7 million new visits to Times Square annually.
• Projected to create more than 600,000 new overnight stays in local hotels.
• Anticipated economic boost of $166 million in retail spending.
• Expected increase of over $65 million in annual Broadway ticket sales, supporting 500 jobs.

Negative

• None.

Caesars Palace Times Square will generate 7 million new visits to Times Square, bring New Yorkers and tourists back and drive billions in economic benefit to Broadway and local businesses

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/10f1164d-6726-4481-b693-0f2ee9760305 

NEW YORK, Dec. 05, 2022 (GLOBE NEWSWIRE) --  Roc Nation, the full-service entertainment agency founded by JAY-Z, will be the official entertainment partner of SL Green and Caesars Entertainment in their bid for a new, state-of-the-art gaming facility at 1515 Broadway in Times Square. The partnership brings together three best-in-class organizations – New York’s largest owner of office properties, the nation’s leading gaming company and the world’s preeminent entertainment company – to deliver a crucial plan for the world’s top tourist destination. As a partner in the project, Roc Nation will help revitalize Times Square by partnering with neighborhood organizations to re-imagine programming in the district’s famous “bow tie.”

"New York is a beacon, the epicenter of culture. We have the opportunity to create a destination at the heart of Times Square, the true crossroads of the world," said Shawn "JAY-Z" Carter. "My partnership with SL Green and Caesars, this coalition, has all the promise and commitment to economic opportunity, growth and enrichment for the community, and everyone who visits the Empire State."

“There’s 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 an economic engine for New York,” said Marc Holliday, Chairman & CEO of SL Green. “Together, we will bring the nearly 130 million annual pedestrians a stronger and more exciting Times Square to visit, reunifying the bow tie around a new set of innovative programming that will appeal to New Yorkers and tourists.”

“We are thrilled to have Roc Nation and JAY-Z join our partnership to bring Caesars Palace to Times Square. They are one of the most pioneering entertainment groups in the world, with New York embedded in their DNA,” said Tom Reeg, CEO of Caesars Entertainment. “Times Square has been the heartbeat of American Entertainment for over a century. Through our shared vision, we will build a world-class destination specifically designed to complement and elevate today’s Times Square experience, ensuring it remains a magnet for visitors and a hub of creativity for years to come.”

Caesars Palace Times Square will not only provide billions in tax revenue to New York City and State, it will also accelerate New York's economic recovery through strategic partnerships with area businesses utilizing its industry-leading loyalty program Caesars Rewards, home to more than 65 million members. Caesars Rewards members will be able to use credits at Broadway shows, local hotels, restaurants, retail stores, comedy clubs, entertainment venues, and more, driving more tourists and New Yorkers to area businesses and creating thousands of direct and indirect jobs in and around Times Square, including:

• 7 million+ net new visits to Times Square annually
• 600,000+ new overnight visits to local hotels
• 7 million+ new meals for local restaurants
• $166 million+ new retail spending
• More than $65 million in new annual Broadway ticket sales, supporting 500 theater district jobs

Caesars Palace Times Square is supported by a broad coalition of Times Square stakeholders representing construction labor, Broadway labor, restaurants, hotels, small businesses, theater and local residents.

About ROC NATION:
Roc Nation, founded in 2008 by JAY-Z, has grown into the world's preeminent entertainment company. Roc Nation works in every aspect of modern entertainment, with recording artists, producers, songwriters, and more. Roc Nation's client list includes some of the world's most recognizable names: from Rihanna and Rapsody to Buju Banton and Snoh Aalegra. Roc Nation is a full-service organization, supports a diverse roster of talent via artist management, music publishing, touring, production, strategic brand development, and beyond. Roc Nation Sports was founded in 2013, bringing the organization's full-service touch to athletes across the NFL, NBA, MLB, and global soccer including LaMelo Ball, Robinson Cano, Skylar Diggins-Smith, Kevin De Bruyne, Romelu Lukaku, Saquon Barkley, Dez Bryant, Leonard Fournette, Danny Green, Rudy Gay, Todd Gurley, Jaire Alexander and Ronnie Stanley.

Media Contact: Jana Fleishman, janaf@rocnation.com

About SL Green Realty Corp.
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2022, SL Green held interests in 62 buildings totaling 33.6 million square feet. This included ownership interests in 29.3 million square feet of Manhattan buildings and 3.5 million square feet securing debt and preferred equity investments.

Media Contact: slgreen@berlinrosen.com

About Caesars Entertainment, Inc.
Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment company in the US and one of the world's most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions, and acquisitions. Caesars Entertainment, Inc.'s resorts operate primarily under the Caesars®, Harrah's®, Horseshoe®, and Eldorado® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment, and hospitality amenities, one-of-a-kind destinations, and a full suite of online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the company focuses on building value with its guests through a unique combination of impeccable service, operational excellence, and technology leadership. Caesars is committed to its employees, suppliers, communities, and the environment through its PEOPLE PLANET PLAY framework. Know When To Stop Before You Start.® Gambling Problem? From anywhere, call 1-800-522-4700. In New York State, call 1-877-8-HOPENY or text HOPENY (467369) for New York State’s 24/7 problem gambling and chemical dependency hotline. For more information, please visit. www.caesars.com/corporate.

Contacts:
Investor Relations: Brian Agnew, bagnew@caesars.com; Charise Crumbley, ccrumbley@caesars.com, 800-318-0047

Media Relations: Kate Whiteley, kwhiteley@caesars.com

Forward Looking Statement

This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include the risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

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FAQ

What is the partnership between Roc Nation, SL Green, and Caesars Entertainment about?

The partnership aims to develop a new gaming facility at 1515 Broadway in Times Square, enhancing local economic activity and entertainment offerings.

How many new visits to Times Square are projected from the Caesars Palace development?

The project is expected to generate over 7 million new visits annually.

What economic benefits will Caesars Palace Times Square provide?

It will bring billions in tax revenue, 600,000 new overnight hotel visits, and significant increases in restaurant and retail spending.

How will the development impact Broadway ticket sales?

The partnership is expected to result in over $65 million in new annual Broadway ticket sales, supporting approximately 500 jobs.