Yesterday, Jay Z announced the sale of “his” Las Vegas 40/40 sports bar less than a year after it opened.
In reality, Jay Z never really owned that club. If he was the owner he wouldn’t need partners. He would hire people to run the club for him. Instead, he is simply the mouthpiece for the real owners of the club who are probably wishing they never hooked up with him in the first place. Reports are that the establishment never turned a profit.
Jay Z also announced he and his “partners” will open other 40/40 clubs in Chicago, Tokyo and Macau. But let’s see if that actually happens. You couldn’t get a penny out of me as an investor if one of your establishments failed so famously. Look for the NY location to be shuttered next.
Anyone who thinks Jay Z (lol) is a business man obviously has no clue of what an endorsement deal is or the nature of big business. Anyway, let Wooohah.com tell it:
While the official press release spins the sale of the 40/40 Club as a good thing for Jay-Z, numerous business publications reveal that the sale was a necessity due to heavy financial losses that the Palazzo and Jay were both taking. The reality is that the Palazzo Las Vegas bought out the lease from the 40/40 so that they could finally turn a profit on the space and turn it into a restaurant and race and sports book facility.
Not everyone is taken in by the smooth talk and the fancy press releases.
