After being opened for just nine months, Jay-Z's 40/40 Club in Las Vegas has been sold off to the Las Vegas Sands Corp. -- well, the location has, since it's location at the Palazzo Hotel Casino is prime real estate.

According to the Los Angeles Times, the rumored closing became official Wednesday (August 27). However, terms of the deal have not been disclosed.

Reps for both Jay-Z and the Palazzo said, "It was a business decision."

While reports said that the 40/40 in Vegas was failing to draw in enough people, Jay's camp said that is not true, claiming it 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," Jay's spokesperson Ron Berkowitz told the paper.

A spokesperson for the Palazzo, Ron Reese, gave the LA Times almost the same explanation. "This was a business decision pure and simple," Reese said.

The Palazzo has a gaming license, and can now use the space for more gaming, tables and slots -- something that wasn't available when it was the 40/40.

"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," Reese continued.