The club is named 3121 Jazz Cuisine, after Prince's latest album 3121, which took the No. 1 spot on the U.S. album charts soon after its release in March. His first performance will be this Friday. Ticket prices start at US$125.
Prince, who shot to fame in 1984 after releasing Purple Rain, was not available for comment on the Vegas decision. The singer changed his name in 1993 to an unpronounceable symbol and was referred to The Artist Formerly Known as Prince until 2000.
Sometimes reclusive but acknowledged as one of the most talented and eclectic pop music artists, Prince has emerged from his self-imposed isolation this year, performing at the Brit Awards for pop music, on US network comedy show Saturday Night Live and on the finale of American Idol.