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Jay-Z selling Vegas 40/40 Club

Rapper Jay Z attends the world premiere for the new film American Gangster at New York's Apollo theater on October 19, 2007. (UPI Photo/Ezio Petersen) | <a href="/News_Photos/lp/e40a1f3fdbfd34b5c33a2f05d4129d14/" target="_blank">License Photo</a>
Rapper Jay Z attends the world premiere for the new film American Gangster at New York's Apollo theater on October 19, 2007. (UPI Photo/Ezio Petersen) | License Photo

NEW YORK, Aug. 27 (UPI) -- Hip-hop artist and businessman Shawn "Jay-Z" Carter and his partners said Wednesday they are selling their 40/40 Club in Las Vegas for an undisclosed amount.

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.

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"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.

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