Jay-Z Scraps Casino Race Track Investment
Jay-Z
American rapper Jay-Z has walked away from his investment in Aqueduct Entertainment Group (AEG), after it was revealed that state officials required detailed accounts of his finances. Jay-Z’s investment in AEG, which was awarded a lucrative New York casino/race track contract by New York legislators, hit the headlines after it was revealed the rapper invested in AEG after becoming friends with Governor David Paterson, who then went on to award the company the million dollar casino contract.
While both the Governor and Jay-Z have been keen to dispel rumours that their friendship influenced the decision of the racino contract, the latter has scrapped his shares in the company, after State Lottery Division officials suggested that they require investors to submit their, and their spouses, financial records to the state – meaning that the State Lottery Division would be able to analyse both Jay-Z’s and Beyonce’s financial assets.
Alongside Jay-Z’s decision to remove himself as an investor, The New York Times has reported that Reverend Floyd H. Flake, who they describe as “one of New York’s most influential black pastors”, suggested he too would be leaving the company. A spokesperson for Reverend Flake suggested that he withdrew his bid in the company as it had “become a distraction” that took his attention away from his “community projects”. It’s believed the company will continue working on the casino, without the investments of Jay-Z and Reverend Flake.
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