Nas Wins Key Approval for $5.5 Billion Queens Casino Project – But How Much Will He Personally Own?

Nas was already a music icon. And a venture capital mogul. And this week, he took the first of many steps on the path to becoming a casino tycoon.

Yesterday, Resorts World New York City, owned by Malaysian gaming giant Genting Group, won unanimous approval from the Queens Community Advisory Committee to expand its existing Aqueduct "racino" into a full-scale Las Vegas–style casino resort. The $5.5 billion project will feature one of the largest casino floors in the world, a 7,000-seat entertainment venue, more than 1,600 hotel rooms, restaurants by celebrity chefs, 3,000 units of workforce housing, and acres of new parkland.

The expansion still requires a full gaming license from New York State, but approval by the local board was a major hurdle. If the license is granted later this year, Resorts World expects to begin operations by mid-2026, with the full buildout complete by the end of the decade. The project is projected to create thousands of union jobs and generate roughly $1 billion a year in new tax revenue for New York.

Nas, who famously grew up in Queens and has built a second career as a venture capitalist through his company QueensBridge Venture Partners, has been front and center in promoting the bid. He appeared in Resorts World's promotional materials, spoke at press conferences, and has tied the project directly to his hometown roots. Fellow Queens native Kenny "The Jet" Smith is also on board, helping to develop a sports academy on the casino campus.

(Noel Vasquez/Getty Images)

How We Got Here

Stepping way back, the Aqueduct Racetrack first opened in 1894 in South Ozone Park, Queens. For more than a century, it was one of New York's premier thoroughbred racing venues, hosting marquee events like the Wood Memorial Stakes. At its peak, tens of thousands of fans would pack the grandstands for big races.

By the late 20th century, though, attendance at horse racing tracks had fallen off sharply. The Aqueduct property, sprawling across more than 200 acres next to JFK Airport, was valuable real estate, but its traditional use was fading. In the early 2000s, New York State authorized the addition of video lottery terminals at racetracks as a way to bolster state revenues and rescue struggling racing operations.

That opened the door for Genting Group, a Malaysian hospitality and gaming giant, which won the bid to redevelop Aqueduct into a "racino." In 2011, Resorts World New York City opened with thousands of slot machines and electronic table games. It quickly became the most profitable slots operation in the country, pumping more than $3 billion in tax revenue into New York's education system over its first decade.

Still, Resorts World was limited by law — it could not offer live dealers or Las Vegas–style gaming. That changed in 2023 when New York lawmakers authorized up to three full casino licenses in the downstate region. Resorts World, with its existing facility, workforce, and track record, instantly became a frontrunner.

Enter Nas

Nas officially joined the Resorts World bid in 2024, lending not just his name but his Queens identity to the project. He appeared in promotional campaigns, spoke at unveiling events, and tied the casino directly to the community where he grew up. His pitch was less about gaming and more about opportunity: jobs, housing, and economic development for Southeast Queens. Resorts World executives made it clear that Nas was more than a celebrity face — he was a partner helping to connect the project to the borough's culture and people.

The timing was crucial. In 2023, New York State authorized three downstate casino licenses, sparking a fierce competition among some of the biggest names in real estate, entertainment, and gaming. Proposals came from Las Vegas Sands on Long Island, Wynn and Related in Hudson Yards, Caesars in Times Square, Steve Cohen and Hard Rock in Willets Point, and Thor Equities in Coney Island. Each plan promised jobs, tax revenue, and neighborhood revitalization. But every bid also faced the challenge of securing local political and community support.

That's where Nas made a difference. In September 2025, Resorts World's Queens proposal cleared a major hurdle when the local Community Advisory Committee voted 6–0 in favor of the project. Notably, a week earlier, Jay-Z's Times Square bid — in partnership with SL Green and Caesars — was voted down by its own community board, effectively killing its chances. Queens Borough President Donovan Richards couldn't resist a jab at the rivalry, quipping: "There's a theme in Queens, and I know Nas was a part of this: Queens get the money. Sorry, Jay-Z, we win again."

A Strange Promo Video

Check out the promotional video I embedded below. It's weird.

As you'll see, Nas walks through a casino, looking left and right at all the cool games. His voiceover talks about how this casino will be "where community gathers to build a future." Riiiiighhhht. Whenever I'm in a town that has a casino, obviously, the whole community gathers there to build a future. It's definitely not a place where people drink $6 Bud Lights and smoke inside at 10 am while losing their paycheck at roulette….

Anyway, back to the promo video. Nas walks into a boardroom, and out of nowhere, he now has a silver briefcase. Nas puts the briefcase on the boardroom table, then opens a gigantic red folder that says "APPLICATION COMMERCIAL CASINO LICENSE" in huge letters on the front. He turns to the first page and signs one time at the bottom. THEN PLACES THE APPLICATION IN THE BRIEFCASE??? Then he walks out of the casino, but not before giving a quick shoutout to Tan Sri Lim Kok Thay, the Chairman of Genting Group, then jumping into a waiting SUV to seemingly drive off to… Albany?

It's bizarre:

How Much Does Nas Own?

That's the million… or maybe even billion-dollar question. So far, neither Resorts World nor Nas has disclosed the size of his stake in the Queens casino project, and it's important to set realistic expectations.

Remember: this isn't a mom-and-pop deal. Resorts World is owned by Genting Group, a Malaysian multinational with a market cap north of $20 billion and casinos all over the world (Malaysia, Singapore, Las Vegas, London). They are putting up $5.5 billion to make Aqueduct into a full Las Vegas–style resort. A company of that size and sophistication is not handing out a 10% stake — worth $550 million to any celebrity, no matter how iconic, just for promotional support.

By our estimate, Nas's net worth is $100-200 million. We put it in that range because much of his net worth is based on the private valuations of the companies in his venture capital portfolio. Private early investments are extremely hard to value. His biggest hit to date is Coinbase. Making some big assumptions, primarily that he hasn't sold any shares, QueenBridge Ventures MIGHT own $100 million worth of Coinbase stock today.

As a reminder, the project carries a $5.5 billion price tag, funded primarily by Genting Group. So is Nas chipping in $100 million for his share? Almost certainly not.

I also doubt Nas would agree to be involved in this simply as a paid spokesman. Given his history as a venture investor through QueensBridge Venture Partners, it's reasonable to assume he negotiated some slice of equity. But how big of a slice and what would that mean in terms of ongoing income when this project is up and running?

As a comparable, let's look at Jay-Z's Brooklyn Nets investment as comp. In January 2004, real estate developer Bruce Ratner bought the New Jersey Nets for $300 million. He wanted to eventually bring the team over the Brooklyn to be the anchor tenant in his planned Barclays Center project. Jay-Z chipped in $1 million to buy a slice of the team.

In 2009, the luckiest Russian billionaire of all time, Mikhail Prokhorov, bought 80% of Ratner's team stake and 45% of the Barclays Center.

As you may remember, Jay-Z was almost universally described as being the "owner" of the Nets during this period. So, what percentage did he actually own? 0.67%. As in, one-fifteenth of one percent. Jay also separately owned one-fifth of one percent of of the Barclays Center. When Jay sold his stakes to become a sports agent in 2013, he was paid $350,000 and $2 million, respectively.

What 1% of a Casino Could Mean

Let's say Nas has a 1% stake in the Acqueduct casino project. And let's say he was simply gifted that stake without having to put any money down. Even a 1% stake in a casino could be very meaningful in the long run. As a reminder, apparently, the Aqueduct casino currently generates $1 billion per year in revenue. And they plan to build one of the largest casino floors in the world, a 7,000-seat entertainment venue, and more than 1,600 hotel rooms. If all goes to plan PERFECTLY, let's say the future casino generates $2.5 billion in revenue per year.

• If the casino generates $2.5 billion in annual revenue with a 10% net profit margin, that's $250 million in profit. A 1% stake would equal $2.5 million per year.
• If profits are higher, say $375 million (15% margin), then 1% would bring $3.75 million annually.
• In an especially strong year at $500 million in profit (20% margin), 1% would yield $5 million per year.

If he owns 5%, multiply the numbers above by five, but I am extremely skeptical that Nas owns 5% of this project. Hopefully I'm wrong! And, hopefully, future disclosures will give us the real nitty-gritty details.

In the meantime, congrats to Nas! I truly hope this casino project becomes an enormous success for you, for the people of Queens, and the people of New York.