Rap mogul JAY-Z has scrapped plans to invest in a new racetrack casino project in New York after state officials allegedly ordered all the backers to hand over detailed records of their finances.
The hip-hop star owns a share in the Aqueduct Entertainment Group (AEG) which won a contract to add video slot machines to New York City's Aqueduct Racetrack in Queens.
But Jay-Z - real name Shawn Carter - has now pulled out after officials brought in new rules which will force all the investors to submit comprehensive records on their own finances, and those of their spouses, to the state, according to the New York Observer.
The order would mean the rap star and his superstar wife Beyonce would have to turn over private details of their finances.
The project is now reportedly set to go ahead without the star's investment.
The actor says he isn't "holding out for more money or doing anything like that".
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