Jay-Z Backs Out Of Casino/Racetrack Deal

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Categories: Bolitics, Hip Hop Wired, Jay-Z, News, Russell Simmons

The controversial plan to open 4,500 casino slots at Aqueduct Race track in which Jay-Z was to be a partner in is falling apart.

Yesterday (March 10), New York’s Gov. Paterson wrote a letter threatening to kill the deal with AEG to open 4,500 casino slots at Aqueduct race track in Queens.

In the letter, Paterson’s office has stated that he will “disqualify” winning bidder AEG. In response to the letter, powerhouse Queens Minister Floyd Flake responded by resigning as a partner in the project, stating,

“Unfortunately, my ongoing participation in Aqueduct Entertainment has become a distraction that has taken me and my attention away from the community projects I created and nurtured. I support Aqueduct Entertainment’s vision for the revitalization of my community through the creation of jobs, retail facilities and other opportunities for growth.”
In addition to losing Flake, Hip-Hop mogul Jay-Z, who had an estimated 2% interest in AEG through his ownership in Gain Global Investments Network, has backed out of a deal with the Aqueduct Entertainment Group to invest in the Aqueduct racino it was revealed on March 9th.

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