Even in affordable land areas, you'd have to hay at least 1000 acres to justify the expense of the machinery.
There are several guys in my area who I'm sure make some sort of profit off their hay -- but ONLY because they were farmers of another sort before the price of hay went up and they already had most of the equipment (and they have the know-how to keep it running without having to pay somebody else to do it) -- AND there are many, many large old farms in the area whose current owners are not "farming", thus a vast amount of hay stumpage can be had for next to nothing.
Many of them took over the family farm when the folks got old and sometimes bought out the "farm next door" for a couple hundred dollars an acre when that family's offspring had no intention of farming. And even with that leg up, it's still a tough row to hoe.
All in all, your odds would be better at Atlantic City.