Hip-hop mogul Jay-Z is reportedly looking to sell his 40/40 sports bar in Las Vegas because the club hasn’t made a profit since its grand opening late last year. The rapper (whose real name is Shawn Carter) started the Vegas venture in December, and it’s part of his 40/40 chain. The club had a rocky start, failing it’s initial inspections right before it opened.
The NY Post reports that Jay-Z’s in talks with the Las Vegas Sands Corp. who own the Venetian and the Palazzo. He wants to sell them a 50 percent stake in the sports club for $44 million. Ka-ching! Their inside source said:
That would make the 40/40 club in Vegas the largest sports booking operation. People can gamble both at the tables and on games. The Sands will also have the right to open 40/40 clubs in London and across Europe.
However, MediaTakeOut.com is reporting that the club’s investors are losing patience with the lack of cash flow, and want to pull out from the deal altogether.
So many celebs branch out into ventures that are out of their “wheelhouse”. Most of them fail, lots of times because the star doesn’t have the time or expertise to run the biz. Jay-Z’s a good businessman when it comes to music, but it sounds like even he isn’t completely recession-proof!
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