Aqueduct Entertainment Group Loses Casino Contract
Aqueduct Entertainment Group
Just a few hours on from our news item about Jay-Z walking away from his investment in Aqueduct Entertainment Group (AEG), which was rewarded a lucrative New York casino contract, the news broke that the company has lost the contract. Governor David Paterson’s office announced that as some of AEG’s investors didn’t provide the full financial records, required by the State Lottery Division in time, the company has lost the right to build a casino in New York.
AEG’s lawyer, Barry Berke, has suggested that the state’s decision to remove the contract from the company has proved to be “arbitrary and capricious”, noting that AEG may consider filing a lawsuit. Berke released a statement to the press, suggesting that “in the event that AEG is not given an opportunity to address the issues raised by the Lottery…AEG intends to pursue all available remedies.”
AEG’s deal with the state hasn’t proved a smooth ride for both parties, with Governor Paterson coming under fire for backing the company after it was revealed his friend, Jay-Z, had invested in AEG. Both Jay-Z and Reverend Floyd H. Flake, a high-profile pastor in New York left AEG yesterday, with the latter proposing that the investment in AEG took his time away from important community projects.
Email this page
