According to Reality Check, Brooklyn mogul and wordsmith Jay-Z has joined SL Green and Caesars Entertainment in forming a partnership to purchase and develop a Times Square casino.
The news was announced at SL Green's annual investor conference today (12/5). The team is one of a half dozen or so expected to submit proposals to the state of New York to open and operate full-scale casinos. "New York is the epicenter of culture," said Jay-Z in a statement. "We have the opportunity to create a destination at the heart of the true crossroads of the world. My partnership with SL Green and Caesars has all the promise and commitment to economic opportunity, growth, and enrichment for the community and everyone that visits the Empire State.”
A number of Broadway theatres oppose the idea of a Times Square casino. The Broadway League, which represents theatre owners and producers in major U.S. cities, called the proposal "an unprecedented and dangerous experiment."
The League said that a casino would "overwhelm the already densely congested area" and threaten the theatre industry's vitality. The League warned that a Times Square casino would bring “economic and social disruption,” drain customers from neighborhood restaurants and increase congestion without bringing economic benefits to the area. League president Charlotte St. Martin said casinos “do all they can to keep visitors in the casino, gambling,” without spreading the wealth to nearby businesses.