Rev. Al Sharpton, a prominent civil rights leader, will partner with the group pitching a Times Square casino to pursue low-cost equitable investment opportunities for the development.
Caesars Palace Times Square — a joint bid between entertainment companies SL Green, Caesars Entertainment and Roc Nation to build a casino in Times Square — would offer $500 ownership stakes under the “inclusive ownership” model, which would allow low-income local households to invest in large-scale real estate.
Caesars Palace announced the partnership with Sharpton and Ryan Williams, founder of the real-estate investment platform Cadre, in a Wednesday press release.
The partnership aims to invite local households who are typically excluded from real-estate investment opportunities to participate in the Caesars Palace venture, according to the press release.
Sharpton said in a statement that the Caesars Palace bid is the best opportunity for local stakeholders to participate in decision-making, citing rapper Jay-Z’s leadership of Roc Nation.
“Thanks to the leadership and vision of JAY-Z, we believe that for the very first time our community will not only have a seat at the table but also the opportunity to have a stake in the ownership of Caesars Palace Times Square,” Sharpton said.
Williams said in a statement that the initiative “overcomes longstanding barriers” and has the potential to transform equitable ownership models.
“Through the Rev’s extensive network and our shared dedication to economic inclusion, we will move from promises to real progress, delivering tangible investor education and meaningful equity investment opportunities for everyday New Yorkers,” Williams said.
“More than a decade ago, I introduced a model that expanded real estate investment opportunities to a broader audience,” Williams added. “Now, we are applying this approach to one of the most ambitious developments of our generation, with the goal of opening doors to financial opportunity for more New Yorkers than ever before.”
The three companies behind Caesars Palace hope to take over an office building in Times Square and convert it into a casino and entertainment complex. But their proposal has faced pushback from community members and state officials, who argue the casino would overcrowd Times Square and hurt both Broadway theater and local businesses.
State Sen. Brad Hoylman-Sigal (D-47), who will likely be the next Manhattan Borough President, said he is “100% opposed” to a Times Square casino because of gaming’s adverse impacts on mental health.
“They prey on addiction, they prey on our most vulnerable,” Hoylman-Sigal said during a May 30 debate for borough president on NY1. “I haven’t had a single constituent come up to me and say, ‘Senator, let me have a casino in my neighborhood.’ It’s not going to happen under my watch.”
The announcement is the latest offer to local community stakeholders that Caesars Palace has offered to attract support in the leadup to a community review process throughout the summer. The casino group also pledged to grant $5 million to a local LGBTQ+ sexual health clinic on June 23 that added to a $250 million community investment program.
Marc Holliday, SL Green’s chief executive officer, said in a statement that the ownership strategy is another example of Caesar Palace’s commitment to local communities.
“We are honored to partner with Rev. Al Sharpton and Ryan Williams to democratize our investment, providing access to families normally left out of investment opportunities,” Holliday said. “In every aspect, Caesars Palace Times Square is being designed to ensure its benefit is shared with communities across New York City.”
Caesars Entertainment, which is based in Reno, Nev., and owns over 50 properties, generated $10 billion in stakeholder value last year while investing $71 million in communities, according to the press release.
The Caesars Palace bid will compete against seven other proposals for three downstate casino licenses, which will be decided by the end of 2025.
Sharpton said the Caesars Palace casino is the strongest of the eight casino bids in New York City.
“A New York casino belongs in Times Square and it should be designed to benefit all New Yorkers,” Sharpton said. “That’s why I’m a supporter of Caesars Palace Times Square.”
