Jay-Z scraps plan to invest in NY racetrack casino project

London, Mar 11 : Rapper Jay-Z is said to have scrapped plans to invest in a racetrack casino project in New York after state officials allegedly ordered all backers to hand over detailed records of their finances.

Jay-Z, 40, 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, reports the Daily Star.

But now according to the New York Observer, he has 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.

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.