(CNN) -- It wasn't the grand announcement fans were hoping for, but it will do.
Jay Z's Budweiser "Made in America" festival will occur simultaneously in both Los Angeles and Philadelphia over the Labor Day weekend, it was announced on Wednesday.
It's the first time the previously star-studded concert series is headed west, and the announcement that the rapper planned a press conference with Los Angeles Mayor Eric Garcetti led to speculation that there would be a joint tour with Jay Z's superstar wife, Beyonce. Despite the dashed hopes, it's still a huge deal.
Mayor Garcetti says 50,000 fans are expected to attend the two-day event. Philadelphia garnered a $10 million economic benefit from last year's festival thanks to the multitudes who came.
"LA is the music capital of the world," Garcetti said.
City officials admitted that holding such a festival in downtown Los Angeles will be a logistical challenge. Prior to the announcement, Variety reported that City Councilman Jose Huizar had introduced a motion in March asking for the withholding of permits for the event until the potential disruption to downtown could be assessed.
The announcement is yet another financial feather in Jay Z's cap. He and his wife have consistently topped music charts as well as lists of the most successful star couples, including last year's Forbes compilation of the highest-earning celebrity couples.
The pair surprised fans this year at the Coachella music festival held in Indio, California, in April.
There's no word yet on the lineup, though Jay Z hinted that several genres will be represented. If 2013 is any indication, that will include Beyonce. Last year's performers included Nine Inch Nails, Rick Ross and Skrillex.