Courtesy
Hakkasan Nightclub at MGM Grand.
Wednesday, April 28, 2021 | 9:01 a.m.
Two of the most prominent nightlife and hospitality companies on the Las Vegas Strip and around the world have combined. Tao Group Hospitality, part of Madison Square Garden Entertainment Corp., announced today it has acquired Hakkasan Group, creating a powerhouse company operating 61 venues in 22 markets across five continents.
Hakkasan’s Las Vegas venues include Hakkasan restaurant and nightclub and Wet Republic dayclub at MGM Grand, Jewel nightclub and Liquid Pool Lounge at Aria, Omnia nightclub and Searsucker restaurant at Caesars Palace, and the new Casa Calavera restaurant at Virgin Hotels Las Vegas. The company operates dozens of other clubs, restaurants and lounges in Los Angeles, San Diego, Honolulu and Miami, as well as overseas in Los Cabos, Marrakech, London, Oslo, Riadh, Qatar, Abu Dhabi, Dubai, Mumbai, Bengaluru, Kolkata and Shanghai.
Hakkasan’s executive team will continue to run day-to-day operations for the properties under the direction of Tao Group CEOs Noah Tepperberg and Jason Strauss.
“Hakkasan Group is a strong strategic fit with a venue portfolio that not only expands our U.S. presence, but gives us an important foothold in key global destinations,” Tepperberg said. “Over the last 20 years, Hakkasan Group has built some of the most successful brands in the hospitality industry. This partnership provides a tremendous platform to use our combined scale to create new opportunities that drive value.”
Tao Group issued equity from one of its subsidiaries to acquire Hakkasan Group from Hakkasan USA and owns a majority of the newly combined company. MSG Entertainment, which is deep into construction on the new entertainment venue the MSG Sphere behind the Venetian on the Las Vegas Strip, owns a controlling interest in Tao Group and a controlling indirect interest in the newly combined company.
Tao Group’s Las Vegas venues include Marquee nightclub and dayclub and Beauty & Essex restaurant at the Cosmopolitan, Tao restaurant and nightclub at Venetian and Lavo restaurant at Palazzo.
