Jay-Z has announced the sale of his 40/40 Club in Las Vegas. The club, located in the Palazzo Hotel Casino, opened just nine months ago and has been sold for an undisclosed amount. Under the terms of the sale the Las Vegas Sands Corp. is buying back the club space and the venue will no longer operate under the 40/40 brand name. The hotel-casino will convert the space into a large-scale race and sports book.

"The sale is a great business decision, we are delighted. We look forward to expanding the brand even further to Chicago and Tokyo," Jay-Z said in a statement. According to published reports, the club had problems passing inspection prior to its opening in December 2007. Ever the business man, Jay-Z and his partners have plans to open a 40/40 Club in Macau, which is the newest location for a $1 billion Four Seasons hotel-casino.

In other Jay-Z news, the hip-hop icon has been tapped to reopen the venerable Hollywood Palladium on October 15. The rap star will be backed by a 12-piece band, just as Frank Sinatra was when he first opened the doors of the venue back in 1940.