Jay-Z's 40/40 Club Fails Inspection, New Year's Party At Risk

Jay-Z's Las Vegas 40/40 franchise may not open in time for New Year's Eve as planned.

Recent reports claim the Sin City venue failed to pass inspection, putting plans for a Vegas 40/40 New Year's Eve celebration in serious jeopardy.

According to PerezHilton.com, close sources have revealed that, "Unless Jay-Z and his team miraculously come up with certain licenses and certificates by Sunday (Dec. 30), then they won't be able to go on with their New Year's Eve party plans."

Hov's inspection woes have deeper repercussions -- if the club can't meet the necessary requirements, then Jay-Z and his partners will be forced to refund all opening night tickets, adding even further expense to a venture that has yet to see any profits.

Despite unforeseen problems with the Vegas 40/40, Jay-Z fans in the area will still have an opportunity to witness the Brooklyn MC and entrepreneur in concert.

As previously reported, Jay-Z is scheduled to perform at the Palm Casino Resort's luxe Pearl Concert Theater tomorrow. Tickets for the show, which were originally priced for $225, sold out within an hour of going on sale.

Kanye West is also scheduled to perform at the Pearl Concert Theater for a New Year's Eve performance.