Caesars onboards Rev Sharpton for Times Square casino proposal
Caesars Entertainment has secured the support of civil rights activist Reverend Al Sharpton and digital real estate entrepreneur Ryan Williams for its proposed land-based casino project in Times Square, New York.
Both Sharpton and Williams have publicly voiced their backing for the project, which would see a gaming and entertainment destination on 1515 Broadway in the famed thoroughfare. The proposed site of the casino is currently an office block.
The support of Sharpton comes despite his previous comments against the expansion of gambling in the US. In 2020, he urged lawmakers in Colorado to block the legalisation of mobile betting, arguing that it would lead to job losses. However, the state chose to push ahead and regulate the market shortly after.
Backing from Jay-Z
At the time Sharpton wrote to Colorado Governor Jared Polis: “Online gaming in Colorado will inevitably attract unsavoury characters who profit off of job loss. That’s almost a given. But in looking at who specifically benefits from the legislation, it’s difficult to understand why the state would want to reward bad behaviour.”
Commenting on his decision to back Caesars Times Square, Sharpton highlighted the support of Jay-Z. The music icon is behind Roc Nation, one of the entities partnered with Caesars on the project. SL Green Realty Corp is also involved with the proposal.
“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 Sharpton in a press release.
“A New York casino belongs in Times Square and it should be designed to benefit all New Yorkers. That’s why I’m a supporter of Caesars Palace Times Square.”
Caesars talks up local investment opportunities
Expanding on the support, Caesars said Sharpton’s ties with the local community will be valuable to its proposal. It also highlighted how Williams’ knowledge of investment opportunities in real estate will benefit the project.
Williams previously raised billions of dollars through his investing platforms, most notably Cadre. This, he said, has helped low-income earners invest in large-scale real estate. According to Caesars, households local to Times Square will be able to access investment opportunities in the new project from as little as $500.
“The initiative overcomes longstanding barriers,” Williams said. “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.”
“Over a decade ago, I introduced a model to expand real estate investment opportunities to a broader audience. Now, we are applying this approach to one of the most ambitious developments of our generation. We have the goal of opening doors to financial opportunity for more New Yorkers than ever before.”
Caesars said the support of Sharpton and Williams fits in with its wider model of supporting the wellbeing of people and the communities in which it operates.
In 2024, Caesars said its community investment in the project exceeded $71 million. This was on top of it creating $10 billion in economic value, distributed to its stakeholders
Caesars drums up support as licence deadline arrives
Caesars is certainly not short of support for the Times Square project. Developers have said that more than 200 organisations have voiced their backing for the initiative, which remains subject to Caesars securing a casino licence in New York.
Among those behind the project is Geoff Ballotti, president and CEO of hospitality giant Wyndham Hotels & Resorts. He attended a hearing in May to offer praise for the casino proposal. Also in May, several union reps came out in support of the project.
However, the proposal is not without critics. Opposition primarily comes from the theatre industry, with the location of the casino in close proximity to several theatres on Broadway.
Coincidentally, the deadline for casino licence applications in the Downstate New York bidding process falls on 27 June. Up to three licences could be issued before the end of the current calendar year. MGM Resorts, Resorts World New York City, Thor Equities, Bally’s, Soloviev Group, Seminole Hard Rock, and Silverstein Properties are among the other interested parties.
A proposed casino project backed by New York Mets owner Steve Cohen across from Citi Field in Queens has gained momentum in recent months.