Sharpton Backs Caesars Palace Times Square Casino Via Cadre

Caesars Palace Times Square on Wednesday announced a partnership with long-time civil rights activist Rev. Al Sharpton and Cadre founder Ryan Williams with plans to offer what it calls a “historic inclusive ownership model for U.S. gaming.”

The bid fronted by Caesars, SL Green, and Jay-Z’s Roc Nation is expected to be one of three Manhattan-based proposals and among eight overall vying for three available downstate casino licenses being offered by the New York State Gaming Commission.

“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, who has a long-time presence in New York City and is also currently a political commentator for MSNBC. “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 continues a late flurry of community-focused projects announced by Caesars Palace Times Square, which is proposing to put a gaming venue at 1515 Broadway in the heart of Manhattan’s entertainment district. On Tuesday, the group pledged to commit $5 million to Callen-Lorde — contingent on being awarded a license — toward sexual health clinical services.

The deadline for submitting bids is Friday, with a decision on licenses from the NYSGC expected before the end of the year.

What exactly is Cadre?

The 37-year-old Williams launched the Cadre Direct Access Fund in 2021, which is now considered one of the largest funds available for digital real estate investment. Two years ago, he led Cadre into a liquidity event in a merger with Yield Street, resulting in a company with assets totaling nearly $10 billion.

“This 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.

“More than a decade ago, I introduced a model that expanded real estate investment opportunities to a broader audience. 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.” 

According to the press release, the partnership between Caesars Palace Times Square and Cadre will create opportunities for “accessible investment opportunities” that start at $500.

“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,” said SL Green Chairman and CEO Marc Holliday. “In every aspect, Caesars Palace Times Square is being designed to ensure its benefit is shared with communities across New York City.” 

Even with Caesars boasting more than 200 businesses and organizations in support of the Times Square proposal, it remains one of the more polarizing bids expected to be submitted based on location. There is a scheduled protest Wednesday near the proposed site, led by groups including the International Alliance of Theatrical State Employees (IATSE), The Broadway League, Project FIND, and the No Times Square Casino Coalition.

Addabbo still eyeing online casino gaming

In other New York news, state Sen. Joseph Addabbo, who chairs the upper chamber’s Racing, Gaming, and Wagering Committee, continues to make it known to anyone who will listen that he wants to bring online casino gaming to the Empire State.

The primary driving force behind New York’s expansion into mobile sports betting in 2022 that quickly propelled it to the top marketplace in the United States, Addabbo sees online casino as a natural expansion and a means of bringing needed tax revenue to the state. The state’s 51% tax on mobile sportsbook operator revenue yielded more than $1.1 billion in receipts for Fiscal Year 2025.

Reports have New York facing an estimated $3 billion budget gap in 2026 and a $6 billion one the following year. Addabbo submitted a bill to legalize online casino gaming in the 2023-24 legislative session with a proposed 30.5% tax rate and has been a very public proponent of the gaming vertical.

“We knew New York would do great in the market nationally, I want to congratulate you on carrying the ball across the goal line,” said Addabbo while speaking at FanDuel’s ribbon-cutting Tuesday at its office space in Manhattan, according to iGB.

“It’s not a question if, it’s a question of when, and that’s when we’re really going to blow this out of the water,” he added. “We’re not done, we want to expand FanDuel here with iGaming.”

Addabbo is on the verge of clearing one avenue of opposition for iGaming operators as his bill to ban online sweepstakes casinos is awaiting Gov. Kathy Hochul’s signature.