The 24,000-square-foot sports bar and lounge in The Palazzo and Casino will not operate under the 40/40 brand, as the sale is for the lease and not the naming rights, the partners said. No reason was given for the sale of the Vegas branch of the club franchise.

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

Carter and his partners said they plan to open 40/40 clubs in Chicago, Tokyo and Macau in the next 12 months.

The flagship 40/40 Club opened June 18, 2003, in New York and has since become a celebrity hot spot.

Its name refers to an exclusive club of baseball players who have 40 home runs and 40 stolen bases in one season.