Nas Wins Key Approval for $5 5 Billion Queens Casino Project But How Much Will He Personally Own?

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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. The expansion still requires a full gaming license from New York State, but approval by the local board was a major hurdle.

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If he owns 5%, multiply the numbers above by five, but I am extremely skeptical that Nas owns 5% of this project. And, hopefully, future disclosures will give us the real nitty-gritty details. 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 a reminder, the project carries a $5.5 billion price tag, funded primarily by Genting Group. And this week, he took the first of many steps on the path to becoming a casino tycoon.

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Each plan promised jobs, tax revenue, and neighborhood revitalization. But every bid also faced the challenge of securing local political and community support. 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.

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