Jay-Z Withdrew Investment in Aqueduct Casino

Rapper/entrepreneur Jay-Z withdrew his investment in a business deal as did his fellow investor Reverend Floyd H. Flake.

According to The New York Post, Jay-Z would’ve had an investment of less than one percent in the Aqueduct Entertainment Group (which was the company selected by Gov. David Patterson).

The company plans to construct and operate a casino with 4,500 slots at Aqueduct Race Track. AEG was required by the state to present documentation concerning its smaller investors. Controversy then developed surrounding it‘s investors, particularly Flake.

Flake, who is a well known New York City pastor planned to have an equal stake with Jay-Z. He is the pastor of the Greater Allen A.M.E. Cathedral of New York in St. Albans, Queens.

While Jay-Z has not issued a statement regarding the matter, Reverend Flake did. “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.”

Jay-Z has several other business ventures including his clothing line and being co-owner of the New Jersey Nets and The 40/40 Club.