Antinoopolis (as it is also spelled) had a longer existence than that--according to the entry in the Oxford Classical Dictionary, Diolcletian made it the capital of the Thebaid, and according to this report it was still in use in Early Christian times which should mean later than Diocletian.
A. R. Birley's article on Hadrian in the Oxford Classical Dictionary says of Hadrian's tour of the eastern provinces, including Egypt, "Hadrian was accompanied not only by Sabina [his wife, a great-niece of Trajan] but by a young Bithynian, Antinous; his passion for the youth, embarrassing to many Romans, was a manifestation of his Hellenism."
Hadrian wasn't the first Roman emperor to prefer same-sex partners. Suetonius, writing during the reign of Hadrian, says of Galba (emperor 68-69), "His sexual preference inclined toward males, but only those who were especially tough and full grown."
“Fairy emperor” isn’t an expression. :’)
He spent his entire reign trying to constrain the boundaries of the empire and maximize imperial taxation short of starting tax riots, y’know, when he wasn’t worshipping a statue of his catamite.
Hadrian wasn’t the only Roman Emperor to bang boys in the butt (a few others preferred be the bangee), but a) my post wasn’t intended to discuss that, and b) Antinoos is the only catamite whose mass-produced image survived.
And just how fruity was Hadrian?
http://en.wikipedia.org/wiki/Antinous#Commemoration:_the_cult_of_Antinous