Jay-Z has laughed off reports he sold his Las Vegas nightclub because it was losing money - boasting about the huge profit he made on the venture.

The star completed a sale of the venue to the Palazzo Hotel & Casino, where it was located.

It comes just weeks after reports suggested the hotspot was struggling to attract enough club goers.

Jay-Z refuses to reveal exactly how much money he has made on the sale, but it's rumoured to be as high as $90 million, and he describes the move as "a great business decision".

Hova still boasts 40/40 venues in New York City and Atlantic City, New Jersey, with plans to open new bars in Chicago, Illinois and Tokyo, Japan.