New York Daily News: By Jessica Schladebeck – Jay-Z has joined forces with a group of investors seeking to open Times Square’s first-ever full-scale casino.

The Brooklyn-bred rapper and his entertainment company, Roc Nation, have teamed up with SL Green and Caesars Entertainment in a bid to open up a swanky, state-of-the-art gaming facility at 1515 Broadway by Seventh Ave. Their partnership was announced during SL Green’s annual investor conference on Monday, Complex reported.

As part of their proposal, investors have speculated the casino could bring in another 7 million visits to Times Square annually, with an additional 600,000 overnight visits to local hotels, and more than $166 million in retail spending at surrounding businesses. They have also said it could provide a boost in sales for Broadway shows in the area.

Jay-Z – Ezra Shaw/Getty Images

If their bid is accepted, the casino will span eight floors of the 54-story tower in Times Square, already owned by SL Green. The ground floor of the building will however remain dedicated to non-gaming purposes, including the entrance to Minskoff Theater.

While few other details have been provided, Caesars Palace Times Square is the proposed name of the casino, which would also house restaurants and entertainment venues.

“New York is a beacon, the epicenter of culture. We have the opportunity to create a destination at the heart of Times Square, the crossroads of the world,” Jay-Z said in a statement to Complex.

“My partnership with SL Green and Caesars, this coalition, has all the promise and commitment to economic opportunity, growth and enrichment for the community, and everyone who visits the Empire State.”