The rumors have been flying for months in New York and Las Vegas but weren’t officially confirmed until August 27. Las Vegas Sands Corp. bought back the leased space from the club’s owner, Jay-Z, for an undisclosed amount. The new race and sports book should be finished by the end of October or beginning of November, according to Sands spokesperson, Ron Reese.

Reports have said that Las Vegas Sands bought half interest in the club from Jay-Z for $44 million dollars in the middle of August. The agreement gives the Sands the right to open 40/40 clubs across Europe. At the same time, Jay-Z issued statements that he and his partners plan additional openings in Chicago, Tokyo and Macau over the next year.

The 40/40 Club gets its distinctive name from an exclusive list of major league baseball players who each have 40 home runs and 40 bases stolen during a single season. The club is a high-end sports bar and restaurant that specializes in appetizers the size of entrees and huge high-def televisions for fans to watch sporting events in style.