Jay-Z Announces Sale of Vegas 40/40

Rap star Jay-Z and his business partners have officially announced the sale of the 40/40 Club in Las Vegas for an undisclosed amount. The 24,000 square foot sports bar, which is located in The Palazzo and Casino, will no longer operate under the 40/40 brand, as the sale is for the lease and not the rights to the name.

"The sale is a great business decision, we are delighted. We look forward to expanding the brand even further to Chicago and Tokyo ," Jay-Z said in a statement released today (August 27).

Over the next year, Jay-Z and his business partners will open 40/40 sports bars in Chicago, Tokyo and Macau.

The Las Vegas 40/40 Club was opened in December of 2007.