There have been many rumors regarding the future of Jay-Z’c club in Las Vegas, several online media websites informed that the Rapper and business mogul was looking to sell about 40% of the club, however, it seems that the rumors will come to an end after the Palazzo announced yesterday that the 8-month-old 40/40 Club will shut down, leaving the 24,000-square-foot space ready for a new sportsbook and restaurant.

 

The Palazzo, which is located right beside The Venetian Resort and Casino does not have a sports book, instead, all sports betting and race services are offered on a small betting window near the 40/40 Club. Neither the Las Vegas Sands nor the Rapper agreed to reveal any details of the deal, including the price paid by the Las Vegas hotel operator.

 

"By adding a complete gaming component ... we will be able to create a very unique environment for our guests," said Palazzo President Rob Goldstein in a statement released yesterday night.

 

Rumors mentioning a possible closing had been online for several weeks, Las Vegas Sands said the 40/40 Club is expected to put up the shutters by the end of September and that all works at the new race and sports book should be over by late October or early November.

 

"The sale is a great business decision; we are delighted. We look forward to expanding the brand even further to Chicago and Tokyo," according to a statement released by Jay-Z.

 

Following a star-studded New Year's Eve party, there were questions about the club's success at the $1.9 billion Palazzo, which opened in January.

 

The New York Post reported that Jay-Z was selling half of the club to Las Vegas Sands for $44 million. The deal would also give Las Vegas Sands rights to launch 40/40 clubs in London and in other locations in Europe.

 

In the same statement, Jay-Z said he and his partners have plans to launch additional 40/40 clubs in Macau in the next year. Las Vegas Sands is the largest casino operator in Macau and is opening a nearly $1 billion Four Seasons Macau.