Sands can’t knock Jay-Z’s hustle. (Via www.myspace.com/jayz)

Palazzo just announced that it will take over space currently used by 40/40 Club and will use that area and the surrounding environs for a large-scale sports book and a specialty restaurant. It was previously rumored that Jay-Z would be selling a 50 percent stake in the club for $44 million and that Sands would have the right to open 40/40 Clubs in London and throughout Europe. Under the terms of today’s deal — for an undisclosed amount — the sale is just for the lease of the Las Vegas location and not the naming rights, so the lounge will no longer continue to operate under the 40/40 name.

“The sale is a great business decision, we are delighted. We look forward to expanding the brand even further to Chicago and Tokyo,” Jay-Z said in a statement.

UPDATE: According to a Palazzo representative, this arrangement is exclusive to this location and has nothing to do with any other Sands locations.

By Jason Scavone

Jay-Z reportedly said the chances of him opening a 50/50 Club were a toss-up.

Jay-Z might be trying to renegotiating his position Las Vegas nightclub scene, according to a report today. Jigga is reportedly looking to offload a 50 percent stake in the 40/40 Club inside Palazzo to Sands Corp. The deal would allow Sands to open 40/40 Clubs in London and throughout Europe, but only on the condition Jay-Z is allowed to drop in whenever he wants to shame the Gallagher brothers.

By Jason Scavone

Birthday PowerPoint presentation? (Photo by Radiant Photography)

We’d like to take a second to congratulate Wayne Brady on a full of year of making, uh, stuff up at his show in the Venetian. Brady celebrated the occasion at the 40/40 Club in the Palazzo.

Meanwhile, next door at Tao in the Venetian, Ryan Phillippe and girlfriend Abbie Cornish celebrated Phillippe’s birthday. Sadly, despite being in a nightclub, he didn’t wear that little outfit from 54. Yeah, you know the one. Oh, wait, we’re thinking of Mike Myers.

Also at Tao were D.L. Hughley – in for dinner – and Bill Bellamy – in for some partying.

By Michelle McKay

Walker wore a similar face all weekend – slightly cheeky disinterest. (Via Daylife.com)

The NBA’s Antoine Walker went two in a row at the 40/40 Club in the Palazzo over the weekend, which we’re told is because he couldn’t move fast enough to get anywhere else in time for last call. No hustle, that guy.

Joining Walker on Saturday night was a veritable who’s who for those with a very specific knowledge set – that is, people with a lot of time to watch sports on their hands. Spotted in the club were boxers David Estrada and Shannon “The Cannon” Briggs, Joe Smith of the Cleveland Cavs and former basketball-er Howard Wright.

By Michelle McKay

Larry Fitzgerald is praying neither he nor Anquan Boldin are put on the cover of this year’s Madden.

LAX at Luxor was no stranger to the infusion of athletes this past weekend, with Arizona Cardinals wide receiver Larry Fitgerald among a crowd that inlcude Ace of Spades champagne-drinking Larry Johnson, Orlando Magic small forward Rashard Lewis sipping Dom Perignon, and UFC 84 fighter Sean Sherk. Sherk’s nickname of “The Muscle Shark” might be our new favorite nickname in all of sports, narrowly edging out Paul “Big Poison” Waner of the 1926-2940 Pittsburgh Pirates.

Oh no, kids, the fun doesn’t stop there. At Jay-Z’s 40/40 Club at The Palazzo, Antoine Wright of the Dallas Mavericks was there, as was Terrell Suggs of the Baltimore Ravens, boxer Shane Mosley, Johnson and the Pride of Cleveland (no, not you Chad Ogea) LeBron James. Mosley was also spotted that night at Pure inside Caesars Palace and at Jet inside The Mirage.

Wanderlei Silva, fresh off his 36-second dismantling of Keith Jardine in UFC 84, was at The Bank inside Bellagio. Phoenix Suns power forward Amare Stoudamire was seen at Lucky Strike inside Rio bowling a few frames, while Minnesota Vikings fullback Thomas Tapeh had dinner at Dos Caminos inside The Palazzo. MMA fighter Shonie Carter was at Blush inside Wynn Las Vegas Saturday night while fighter Forrest Griffin was at Sierra Gold (6515 S. Jones Blvd.)

By Jason Scavone

No, really, the draw is all the sports they show.

Will UCLA take it all? Will UNLV get out of the first round? Will anyone recognize that Mississippi Valley State isn’t a community college that specializes in air conditioner repair? Who cares, Scores Las Vegas has naked girls, and as we all know, boobs beat basketball.

From 7-10 p.m. Thursday, the gentlemen’s club will host a SpyOnVegas.com Open Bar, featuring Stoli Blueberi Berry Fusion Lemonade cocktails. Because nothing captures the desperation of trying to hit an open trey at the buzzer to pull off the miracle upset of a dominant No. 2 seed quite like … blueberry.

If you like your basketball with considerably less nudity (though we can’t fathom why you would), the 40/40 Club at Palazzo will be open early for the first round of the NCAA tournament. Jay-Z’s joint will welcome the tremendously hung over and the beer-for-breakfast crowd starting at 9 a.m. Thursday and Friday.

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By Jason Scavone