Jay-Z announced today (August 27) that he will be selling his 40/40 club in Las Vegas for an undisclosed amount.

According to the statement issued by the rapper's camp, the Las Vegas 40/40 club will no longer operate under his 40/40 brand because the sale is for the lease and not the naming rights.

Jay-Z did not reveal a reason for the club's sale but refereed to it as a “great business decision.”

The rap mogul would divulge that he plans to open 40/40 clubs in Chicago, Tokyo and Macau in the next 12 months.

Jay-Z currently has two 40/40 nightclubs located in New York and Atlantic City.