ROC Nation CEO Desiree Perez made it clear that the company’s proposed Times Square casino is not only suitable for wealthy investors. Through a unique partnership with cadres, New Yorkers can now invest billions of dollars in projects for $500.
“It’s just that we put ourselves on our shoes. We are the people, and that’s what we think,” Perez told Billboard in a recent interview. “We think we are more like the people and what the community needs.”
The casino proposal, which was collaborated by Jay-Z’s Roc Nation with Caesars Palace and SL Green, is aiming to transform the 1515 Broadway in Times Square into a world-class gaming and entertainment destination.
The project is competing for one of three lower casino licenses granted by the New York State Games Commission.
Make investment accessible
Partnerships with Ryan Williams and his real estate investment platform, Cadre, represent a groundbreaking approach to casino ownership.
Williams founded a cadre in 2014 after leaving Blackstone Group, where he democratized real estate investment through technology.
“Why do people who live in a place near or in the Bronx or New York City, who want to invest in this project, and they hear how much money they will make – the moment they open it, it’s not like there’s a loss here – how do we make money for people?” Perez explained.
She described the investment structure as “a fund” in which individual contributions are combined to support casino development. “Whatever money that everyone deposits into is going to be invested in the casino,” she said.
Jay-Z defends his vision
Jay-Z himself recently defended the casino proposal, telling New York City and New York State that “this is completely reasonable.”
“New York is the entertainment capital of the world, so the idea of a world-class casino here makes perfect sense,” said the Brooklyn-born tycoon.
“I’ve been researching opportunities that can change culture and stir up communities while arousing community, and that’s exactly what Caesars Palace Times Square is,” Jay-Z said. “For me, it’s an extension of culture, an extension of the energy and action that makes New York a city.”
In addition to investment opportunities, Roc Nation has committed $250 million in community support over the next 10 years.
The money will fund Broadway support programs, public health programs, and security improvements in Times Square and surrounding areas.
The company also promises to donate 0.5% of the casino’s revenue to the permanent West Side Community Fund.
“Some people don’t have enough money to be part of any type of investment fund, so that’s the ability to make the average New Yorker a part of it,” Perez said.
She compared this approach to traditional Wall Street investment firms and noted that casino partnerships are designed to include everyday residents, not just wealthy institutions.
Resolve the opposition
Perez acknowledged some quarters of overturns, notably the Shubert Organization, which owns 17 of 41 theaters on Broadway. However, she insists that actual community residents support the project.
“I don’t believe in the actual human beings who live in buildings, not the rich people who own the theater, are people who oppose the casino,” she said.
The final decision on the casino license is expected to be made later this month, with a last public hearing scheduled for September 11. If approved, Perez promises that community investment will begin immediately before the casino is open.
“The day after we pay, we don’t have to build our casinos or do business to pay for that money,” she said. “For the community, it will be the fastest money.”
