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Jay-Z and Beyonce’s 40/40 Club to become new Palazzo race and sports book

It's official as of less than one hour ago that Sheldon Adelson's Palazzo resort hotel casino will take back hip-hop mogul Jay Z's 40/40 sports club and ultra lounge.

Luxe Life previously reported that the Las Vegas Sands parent corporation was buying Jay-Z's rights for $40-million -- although that figure is not mentioned in this morning's news (Click here for our exclusive report two weeks ago that the transaction was underway!)

Jay Z had opened the third of his 40/40 clubs at the Palazzo just before New Year's Eve eight months ago. He will keep his Manhattan and Atlantic City clubs operating normally but will join with his Palazzo partners in their expansion and merchandising licensing opportunities elsewhere globally. Luxe Life has learned that Jay-Z himself finalized the contracts during the weekend when he and Beyonce flew into Vegas to wrap-up the megabuck deal.

“The exceptional design and location of the 40/40 Club will enable our guests to access a very special race and sports book and restaurant environment in the Palazzo,” said Rob Goldstein, president and chief operating officer of the Palazzo. “By adding a complete gaming component to an already distinctive 24,000-square-foot space we will be able to create a very unique environment for our guests.” The Palazzo will add a specialty restaurant component -- not yet named -- to the new expanded sports book lounge.

The space currently occupied by the 40/40 Club is accessible at the street level off Las Vegas Boulevard or via escalators from the main Palazzo entrance. The lower level also features the recently opened Dal Toro Italian Café and Lamborghini Showroom just below Tao's new LAVO lounge, Moroccan-Mediterranean cuisine restaurant and intimate club that opened last night.

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Jay-Z.

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