NEW YORK -- Business mogul Shawn "Jay-Z" Carter and his partners announced Wednesday the sale of the 40/40 Club in Las Vegas for an undisclosed amount in what was called a lucrative deal offered by the Sands Corp.

The 24,000-square-floor ultra sports bar and lounge located in The Palazzo and Casino, will not operate under the 40/40 brand, as the sale is for the lease and not the naming rights.

"The sale is a great business decision, we are delighted. We look forward to expanding the brand even further to Chicago and Tokyo," Carter said in a news release.

In the next 12 months, Carter and his partners plan on opening 40/40 clubs in Chicago, Tokyo and Macau.

The flagship 40/40 Club opened June 18, 2003, and has become one of New York's favorite and most popular sports bar lounges and host to many of the world's biggest celebrities and athletes. The successful, 40/40 Atlantic City opened in 2005.

The name "40/40" refers to an exclusive club of baseball players that have 40 home runs and 40 stolen bases in one season.