Times Square casino bid to offer investment opportunities to low-income New Yorkers

The backers of Caesars Palace Times Square have launched a partnership that will allow low-income New Yorkers to invest in the proposed midtown casino project. The initiative introduces a novel ownership structure that starts with investments as low as $500, offering a rare chance for local households to hold a financial stake in the venture.

The collaboration brings together civil rights activist Reverend Al Sharpton and Ryan Williams, founder of the digital real estate investment platform Cadre, alongside casino proposers Caesars Entertainment, SL Green Realty Corp, and Roc Nation. The Caesars Palace plan seeks to transform the office building at 1515 Broadway into a new casino and entertainment destination in the heart of Times Square.

“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,” said Rev. Al Sharpton.

The inclusive ownership plan is designed to remove traditional barriers to real estate investment and allow community participation in an industry typically dominated by institutional capital, said the parties.

According to Williams, the partnership aims to provide both investor education and meaningful equity opportunities to everyday residents. “This initiative overcomes longstanding barriers,” he stated. “Through the Rev’s extensive network and our shared dedication to economic inclusion, we will move from promises to real progress."

“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 proposed project has pledged an initial $15 million community contribution to the Hell’s Kitchen neighborhood should the bid be approved. This is part of a $250 million community investment program that includes ongoing grants tied to casino performance metrics. A recent commitment of $5 million to a local LGBTQ+ sexual health clinic on June 23 further expands the initiative’s local impact.

Marc Holliday, Chairman and CEO of SL Green, highlighted the equity program as central to the project's vision. “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. 

According to Caesars Entertainment, the company invested $71 million in community initiatives last year while generating $10 billion in stakeholder value across its portfolio of properties. The Times Square casino plan proposes limited on-site amenities in order to drive foot traffic to existing neighborhood businesses, rather than competing with them, as part of its touted community-conscious model.

Despite this approach, the proposal faces strong opposition. State Senator Brad Hoylman-Sigal, a leading candidate for Manhattan Borough President, has expressed firm resistance to the idea of placing a casino in Times Square. 

"They prey on addiction, they prey on our most vulnerable,” he said during a May 30 debate. “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 Caesars Palace Times Square bid is one of eight proposals vying for three downstate casino licenses that will be awarded by the end of 2025. While the project has rallied support from over 200 local organizations, including restaurants, hotels, unions, residents, and Broadway stakeholders, community review processes are expected to play a pivotal role in its fate.

Sharpton stated that this bid offers the strongest opportunity for local representation and shared prosperity. “A New York casino belongs in Times Square, and it should be designed to benefit all New Yorkers,” he said. “That’s why I’m a supporter of Caesars Palace Times Square.”