Jay-Z's Rep Explains The Reason Why He Decided To Sell His 40/40 Club In Las Vegas

Las Vegas, NV (CNS) - After confirming that he and his partners have sold their 40/40 Club in Las Vegas for an undisclosed amount, hip-hop mogul Jay-Z explains why they are doing the sale.

His spokesman Ron Burkowitz tells the Los Angeles Times that "the club was doing good business," in answer to rumors that the hip-hop appeal of the place was not welcome in Sin City.

Burkowitz adds, "If you went there on a weekend you saw it was packed. Maybe, at other times it wasn't as 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."

Since new owners Las Vegas Sands Corp. has a gaming license, the new club can offer gambling. It is still unknown how much they paid for the sale. New York Post estimated the offer to be above $44 million.