Sharpton Endorses Caesars Palace Times Square, Investment Open to Locals

• Civil rights activist supports Caesars New York City casino plan
• News arrives two days before applications are due for downstate licenses
• Opposition to the proposal remains

The effort to bring a casino hotel to Times Square in New York City received a big boost on Wednesday when it was revealed the Rev. Al Sharpton and digital real estate investing pioneer Ryan Williams are joining forces with the group attempting to bring a game venue to the theater district.

A consortium comprised of Caesars Entertainment, real estate developer SL Green, and Roc Nation, the entertainment agency owned by hip-hop mogul Jay-Z, want to bring a casino hotel to 1515 Broadway. The rapper’s relationship with Sharpton may have played a part in the civil rights activist throwing his support behind the project.

“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 statement. “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.”

The announcement of Sharpton and Williams supporting the project arrived two days before the deadline to submit applications for the three downstate casino licenses. With recent departures from the New York City casino competition, odds of Caesars Palace Times Square approval have shortened, though there remains belief that a gaming venue in Manhattan is a heavy lift.

Caesars Palace Times Square Open for Investment

Williams, founder of one of the leading global digital real estate investment platforms, Cadre, is leveraging his experience in the property sector to erase barriers to entry for real estate investments.

“By coupling Rev. Sharpton’s deep community ties with Williams’ proven experience using technology to raise and invest capital over the course of more than 20 years, the partnership has the potential to transform equitable ownership from an aspiration into an actionable, measurable reality,” the statement said.

Some other casino projects in major US cities, including a proposal in New York, are attempting equity sales aimed at local investors, but the Caesars plan is one of the most accommodative in terms of minimum investment.

Opposition Remains to Caesars Palace Times Square

As is the case with nearly all of the other downstate casino pitches, there is opposition to the Times Square proposal, and it’s been there from the start. The dissent is also broad-based among local small businesses, some of the theater community, and other groups.

“The Times Square casino proposal has generated massive opposition, with 71 percent of Midtown residents opposed in a recent Tulchin Research poll,” according to the opposition groups.