Ryan Reynolds and Rob McElhenney’s purchase of Welsh football team Wrexham AFC came as a surprise (at least if you didn’t know Reynolds is a prolific investor), but it’s far from the strangest thing a celebrity has invested in.
For example, Justin Timberlake still holds a stake in Myspace, while former basketball player Shaq owns Krispy Kreme, Papa John’s, and Five Guys locations.
It’s debatable whether it’s all for the love of the game (or pizza), but there’s no doubting that superstars prefer to buy their way into boardrooms and high-rise offices.
Jay-Z: The American Entrepreneur
Jay-Z: American entrepreneur and rapper Jay-Z, who is currently worth over $2.5 billion, is cut from the same cloth as Shaq and company. The 140 million-selling singer owns a large investment in Uber (reportedly at $70 million), as well as a $50 million real-estate portfolio with his wife Beyonce.
However, Jay-Z appears to be aiming to boost the ante in the most literal sense conceivable by constructing a casino in New York – especially, in Times Square, the centre of American capitalism.
It’s not as difficult to defend Jay-Z’s interest in a casino as it is Reynolds and McElhenney’s love of a minor league soccer team. After all, data reveal that the casino sector has grown at an unprecedented rate around the world.
Rapid Growth in the Casino Industry
Until recently, most online gambling took place in and around Europe and Asia. In the United Kingdom, for example, the casino and betting business was valued at £15.3 billion in 2022, including both online and offline wagering.
Because New Zealand casinos have an advantage over European operators in that they can be licenced anywhere in the world, rather than solely on Kiwi territory, the market in just one region is crowded with innumerable casino brands. Furthermore, the demand is really great.
Players are drawn to the ease and creativity of games provided by safe and licenced companies. But, in a market crowded with millions of possibilities, how do people know a site is trustworthy?
Online directories, forums, and review sites like CasinoBee can help with this. CasinoBee provides information on 60+ secure and licenced New Zealand casinos, highlighting vital factors like as average customer reviews, promotions, discounts, and comparison banners. In contrast, the United States, particularly New York, has been slow to accept the concept of gambling in any form.
While the rest of the globe has been constantly improving its online casino offerings, the United States has been playing ‘catch up’. To put this in context, New York recently became the 18th state to legalise sports betting, yet online casino gambling remains illegal.
Roc Nation’s Business Ventures
At the beginning of 2023, New York began accepting proposals for three new brick-and-mortar casinos. This is where Jay-Z enters the picture. Shawn Carter, the rapper’s real name, has pleaded with New York to embrace his idea for a Times Square casino.
Surprisingly, Jay-Z’s casino will not be named after his entertainment organisation, Roc Nation. Caesars Palace Times Square will be named after the existing casino brand Caesars Entertainment. SL Green Realty Corp is also in the running. The coalition is known as the Coalition for a Better Times Square.
Jay-Z’s partnership has pledged a slew of community benefits, including nursery for theatre workers, investments in cleanliness and security, and an overall improvement in New Yorkers’ life. According to the Coalition for a Better Times Square website, additional benefits include 7 million more tourist visits, a 50% reduction in traffic congestion, and an additional 8,900 jobs in the neighbourhood.
It’s unclear whether it will all come to fruition; it’s been almost a year since New York approved three new casino properties, and little further has been announced.
