Just because you’ve got stacks on deck doesn’t mean you’re not losing any of it because of a couple of bad business decisions. And according to the NY Post, rapper/known business man Jay-Z has suffered a few financial blips of his own recently costing him millions due to a couple of bad investments, including two failed hotel ventures, a play that didn’t sell too well and more. Check out a few of Hov’s 99 problems below:
* Two Manhattan hotel development projects, one in Chelsea and the other in the Meatpacking District, fizzled out this year, costing Jay-Z and a company he controls about $50 million.
* His almost 7-year-old 40/40 Club franchise, while still successful overall, has taken a few lumps as the 80,000-square-foot Las Vegas edition, with its 80-plus plasma TVs, was closed in late 2008 after just eight months in business — a victim of low attendance. Plus, a Chicago club, first expected to debut in 2009, is still not open.
* In March, he walked away from a reported $2 million investment in the Aqueduct Entertainment Group, an entity selected to develop a “racino” at Aqueduct Racetrack. He bailed after federal and state authorities started to investigate potential corruption in the selection process.
* An investment alongside Will Smith and Jada Pinkett Smith in “Fela!”, the critically acclaimed Broadway musical, has yet to turn a profit — but it could, theater-watchers say, especially if Jay-Z starts getting out in front of it and markets it the way Elton John is always promoting his 2008 hit “Billy Elliott.”
The trio invested a total of about $1 million in “Fela!,” which garnered 11 Tony award nominations.
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