Jay-Z's Camp Defends Close Of Vegas 40/40, Says 'It Was A Business Decision'

J-Banks · 08-29-2008, 02:50 PM

Jay-Z's Camp Defends Close Of Vegas 40/40, Says "It Was A Business Decision"

Written By Janelle Griffith

The people in Jay-Z's inner circle are denying claims that the sale of his Las Vegas 40/40 establishment came as a result of poor business.

According to the LA Times, Ron Berkowitz, a spokesperson for the rapper, said "It was a business decision.”

As SOHH recently reported, Hov reached an agreement with the Palazzo Resorts to return the space occupied by his nightclub to the hotel. As part of the deal the space and its surrounding area will feature a restaurant as well as a large-scale race and sports betting site.

Though no one from Jay-Z’s camp disclosed an amount for the lease buyout to the LA Times, it is reported that his team is highly satisfied with the sale.

As for rumors that 40/40 is closing due to poor business, Berkowitz said “The club was doing good business. 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."

A Palazzo spokesman, Ron Reese, said much of the same about the deal: "This was a business decision pure and simple. As you have seen from being down there, our current sports book offering is less than ideal. We want to change that and taking back the 40/40 space is the ideal option. Additionally, we will offer new gaming, tables/slots, in the space, which will be a component 40/40 couldn't add as we obviously have a Nevada gaming license."

In related news, Hov’s sister-in law, Solange Knowles also took to his defense. In a recent video, the R&B singer refuted claims that the club went down, stating “for the record [Jay] sold the club for a very nice check.”

Source: sohh

Bad News · 08-29-2008, 03:28 PM

smh at the bullshit, shit obviously was losing money thats why u closed it stop making excuses

MC B STREETZ · 08-29-2008, 07:10 PM

^ losing money ? Huh, u got proof of dat

BrebYayo · 08-29-2008, 08:03 PM

i think it was doin good buisness...the hotel just made a good offer and jay took it..it was in las vegas thats a busy spot so idk

08-29-2008, 02:50 PM	#1
J-Banks Super Moderator Join Date: Feb 2005 Location: Providence, RI Posts: 20,996 Repped: 5,289 Repped 53,399 Times in 7,835 Posts Blog Entries: 1 Neg Reps: 53 Neg Repped at 63 Times in 58 Posts	Jay-Z's Camp Defends Close Of Vegas 40/40, Says 'It Was A Business Decision' Jay-Z's Camp Defends Close Of Vegas 40/40, Says 'It Was A Business Decision' Jay-Z's Camp Defends Close Of Vegas 40/40, Says "It Was A Business Decision" Written By Janelle Griffith The people in Jay-Z's inner circle are denying claims that the sale of his Las Vegas 40/40 establishment came as a result of poor business. According to the LA Times, Ron Berkowitz, a spokesperson for the rapper, said "It was a business decision.” As SOHH recently reported, Hov reached an agreement with the Palazzo Resorts to return the space occupied by his nightclub to the hotel. As part of the deal the space and its surrounding area will feature a restaurant as well as a large-scale race and sports betting site. Though no one from Jay-Z’s camp disclosed an amount for the lease buyout to the LA Times, it is reported that his team is highly satisfied with the sale. As for rumors that 40/40 is closing due to poor business, Berkowitz said “The club was doing good business. 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." A Palazzo spokesman, Ron Reese, said much of the same about the deal: "This was a business decision pure and simple. As you have seen from being down there, our current sports book offering is less than ideal. We want to change that and taking back the 40/40 space is the ideal option. Additionally, we will offer new gaming, tables/slots, in the space, which will be a component 40/40 couldn't add as we obviously have a Nevada gaming license." In related news, Hov’s sister-in law, Solange Knowles also took to his defense. In a recent video, the R&B singer refuted claims that the club went down, stating “for the record [Jay] sold the club for a very nice check.” Source: sohh __________________ JBanksblog.com - check it out __________________

08-29-2008, 03:28 PM	#2
Bad News Veteran Join Date: Sep 2006 Posts: 2,005 Repped: 779 Repped 382 Times in 38 Posts Neg Reps: 176 Neg Repped at 9 Times in 6 Posts	smh at the bullshit, shit obviously was losing money thats why u closed it stop making excuses __________________

08-29-2008, 07:10 PM	#3
MC B STREETZ YAYO'S ADVOCATE/HYPE MAN Join Date: Nov 2006 Location: FIND ME IN YA CRIB WIT DA NINA WHERE DA MONEY AT Posts: 17,831 Repped: 3,413 Repped 21,854 Times in 2,145 Posts Neg Reps: 51 Neg Repped at 44 Times in 38 Posts	^ losing money ? Huh, u got proof of dat __________________ "I'M A LOUDMOUTH NIGGA BUT MY RUGER SILENT" -TONY YAYO A.K.A TALK OF NEW YORK "ALL YAYO ENEMYS ARE ALL OF MY ENEMYS" - MC B STREETZ A.K.A YAYO'S NINJA

08-29-2008, 08:03 PM	#4
BrebYayo NEW B Join Date: Jul 2005 Location: NEW B Posts: 1,671 Repped: 511 Repped 141 Times in 49 Posts Neg Reps: 0 Neg Repped at 0 Times in 0 Posts	i think it was doin good buisness...the hotel just made a good offer and jay took it..it was in las vegas thats a busy spot so idk __________________

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