Hurricane Sandy is STILL affecting business all over the east coast, specially Atlantic City. The get-a-way city was hit hard by the hurricane causing serious financial burdens on property owners and business owners. Jay Z’s ’40/40 Club’ was one of the many businesses that was severely affected by the storm. Supposedly the club now has a huge hole in its roof and countless water damage. MTV reported the club would be closing its doors as its lease ended. On top of its physical damage, the club was also getting quite expensive for its owners.
The upscale 40/40 Club, one of several locations co-owned by Jay-Z,opened in Atlantic City in October 2005. It was lauded by city officials for helping the area’s reputation extend beyond being a place to gamble.
A fight at the club in 2012 that left two police officers injured garnered negative press, and local DJ Faheem Davis shared with the Press of Atlantic City that the price to play was so high it kept locals out.
“It was the out-of-towners that would go to the 40/40 on a regular basis,” Davis said. “It wasn’t the local people. It was very expensive.”
It would take much more to rebuild and renovate their current location as opposed to finding a new location (if Jay Z decides to re-open in that location).