Jay-Z Announces Sale Of Las Vegas 40/40

Jay-Z announced today in a press release the sale of his Las Vegas 40/40 franchise.

"The sale is a great business decision, we are delighted," the rapper said in a distributed statement. "We look forward to expanding the brand even further to Chicago and Tokyo."

Along with the Las Vegas site, there are 40/40 sports bars located in Manhattan and Atlantic City.

The Las Vegas site, however, was the newest franchise. Upon its opening, rumors swirled regarding problems the rapper was having with production. The lounge opened without a hitch with a New Year's celebration this past December.

The property was located in The Palazzo and the sale was for the lease of the area. The new owners will operate the space under a different name and not 40/40. The terms of the deal were not announced.