Rap mogul Jay-Z announced Wednesday that he and his business partners are officially closing the doors of the 40/40 Night Club in Las Vegas. In a statement released today, Jay-Z says, "The sale is a great business decision; we are delighted. We look forward to expanding the brand even further to Chicago and Tokyo," he tells AllHipHop.com
The 20 million 24,000 square foot sports lounge, which is being sold for an undisclosed amount, is housed inside The Palazzo and Casino and is up for lease. The infamous celebrity hangout will no longer operate under the 40/40 brand name, as the rights to the name are not for sale.
The rapper along with his business partners plan to open more 40/40 sports bars in Chicago, Tokyo and Macau over the next year.
The Las Vegas 40/40 Club had been in business just 4 months shy of its one year grand-opening anniversary in December 2007. The Atlantic City location will reamin open in New Jersey.
