Jay-Z is set to host an "incredibly exclusive" blackjack party with a prize pot of $1 million.

The '99 Problems' hitmaker plans to raise money for his Reform Alliance organisation - a non-profit which aims to change probation and parole laws - by staging the 'Casino Royale'-themed party in Atlantic City later this month, with players asked to pay up to $100,000 as a buy-in for the gambling games, while non-players will pay $50,000 for their tickets.

According to the New York Post newspaper's Page Six column, Kevin Hart will serve as the emcee, while guests set to attend the bash on 30 September will include Kim Kardashian and Jay's wife Beyonce.

The Reform Alliance board, which includes Robert Kraft, Meek Mill and Michael Rubin, will host 300 invitees for the evening at the Ocean Casino Resort, who will donate the jackpot.

Multiple guests confirmed the news of the party, with one telling the outlet: “It was Jay’s idea to make a really small, incredibly exclusive event with the best people in the world.”

Jay's inspiration for the party was said to be Michael's annual Fourth of July white party, and he hopes to make it just as glamorous as his and Beyonce's annual post-Oscars Gold Party.

A source said: “This is gold plus white, and it’ll be the same size and as exclusive as the white party, with a ton of performances.”

Other people rumoured to be on the guest list include NBA players, private equity players, CEOS, musicians Megan Thee Stallion and DJ Khaled, and model-and-actress Emily Ratajkowski, with members of the board believed to be approving all guests on an individual basis to keep things exclusive.

A source said: "You can’t buy your way into this party.”

Around 10 to 15 helicopters are to be laid on to fly guests to and from New York City for the night.

It is hoped the event will raise $20 million for Reform Alliance.