08.31

Who would have thought a simple business deal would cause such a stir. As soon as word got around about Jay-Z selling the Las Vegas location of his 40/40 club, the rumor mill got going once again. With speculation ranging from the rapper being broke to him being kicked out of Vegas, the reports began to get more outlandish as the days went by.
Looking to clear up any confusion about the sale (which the New York Post estimated to be worth $44 million) Jay’s spokesman, Ron Burkowitz, recently spoke to the Los Angeles Times and gave them the scoop.
“The club was doing good business,” Burkowitz said. “It you went there on a weekend you saw it was packed. Maybe, at other times it wasn’t crowded. But that is true everywhere. The club was doing fine. What is going on here is that [40/40's 24,000 square feet] is valuable real estate, and they came to us with an offer and this was a good business deal.”
According to reports, Las Vegas Corp., the new owners of the club formerly known as 40/40, have a Nevada gaming license which means they can offer gambling to their patrons – something Jay was unable to do under his lease.
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