OOn Tuesday, October 25, Jay-Z unveiled his second 40/40 Club at Caesar's Palace in Atlantic City, New Jersey. With girlfriend Beyonce in attendance, the Island Def Jam President played host to a number of A-list celebrities who joined him to celebrate the opening.

In true Shawn Carter fashion, the opening was a grand affair, complete with a red carpet, ribbon cutting ceremony, and free drinks. The star power included everyone from sports superstars such as Magic Johnson, Zab Judah, Terrell Owens, Lawrence Taylor, Serena Williams and Barry Bonds (who Jay referred to as an "original 40/40 member") to entertainers like Destiny's Child, Sean "Diddy" Combs, Zoe Saldana and Ashford & Simpson (yes, as in "Solid")!

:The look of the new 40/40 venue is very similar to the original 40/40 Club, which launched in New York City back in 2003, only this one is larger with more cigar rooms and double the TV screens.

Jay-Z was presented with the key to the city by Mayor Lorenzo Langford, who compared Jay-Z's business sense to that of Frank Sinatra in his heydey. Governor Richard Cody was also in attendance.

After Jay-Z thanked everyone for coming through and shouted out some of the hip hop notables that were in the house (the newly chiseled-producer Timbaland and Island Def Jam Chairman L.A. Reid), he handed the mic over to Diddy for a champagne toast. Always one to take centerstage, Diddy called Jay "an inspiration to people of color" before closing out his speech with his trademark "and we won't stop."

Jay dished out quite a bit for the event, with Jacob-designed platinum key invites that cost $750,000 in total, a Mercedes Benz CLK to give away, and gift bags that included leather S. Carter coasters, a $1000 Jacob the Jeweler gift certificate (with a minimum purchase of $10,000 of course and limited edition 40/40 clothing).

The 40/40 Club is owned by Jay-Z and partners Juan Perez and Desiree Gonzalez.