Jay-Z has joined a group of investors hoping to open a full casino in New York City’s Times Square. Caesars Palace Times Square would be the name of the potential space.

The legendary rapper has teamed with SL Green and Caesars Entertainment for the business deal.

NEW YORK, NEW YORK – AUGUST 28: Jay-Z attends the 40/40 Club 18th Anniversary at 40 / 40 Club on August 28, 2021 in New York City. (Photo by Dimitrios Kambouris/Getty Images)

“New York is the epicenter of culture. We have the opportunity to create a destination at the heart of the true crossroads of the word,” Hov said in a statement. ”My partnership with SL Green and Caesars has all the promise and commitment to economic opportunity, growth and enrichment for the community and everyone that visits the Empire State.”

If the deal goes through, Jay and the team would oversee operations at 1515 Broadway, as well as at SL Green’s six other properties in Times Square. In total, the casino would encompass eight floors in the 54-story tower between West 43rd and 44th. Across the space, restaurants and other entertainment uses will be available. The first floor, in particular, would be reserved for non-gaming uses.

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Local theaters have reportedly expressed concerns that a casino would be “dangerous” to Broadway theaters. Consulting firm AKRF, on the other hand, argues casino visitors will increase Broadway sales by 400,000 annually. They also cite an expected seven million more restaurant meals taken outside the casino and $166 million in retail purchases to nearby businesses.

New York will issue a formal request for proposal (RFP) for casino applicants in January. Afterward, a selection panel will make a decision on a location by the end of the year. Other interested parties include Wynn Resorts, New York Mets owner Steve Cohen as well as Soloviev Building Company.