Hakkasan to buy majority of Light Group for $36 million
Nightlife operator Hakkasan Group announced Tuesday it will acquire The Light Group for $36 million, giving the company control over more than a half-dozen Strip nightclub operations.
Hakkasan is buying a 90 percent ownership stake in The Light Group from boutique hotel operator Morgans Hotel Group.
CEO Neil Moffitt said the deal will make Hakkasan the largest nongaming dining and entertainment company in Las Vegas.
“We are thrilled to be bringing The Light Group and its unrivaled nightlife, daylife and restaurant offerings under Hakkasan Group’s umbrella,” Moffitt said in a statement. “Hakkasan Group and The Light Group are highly complementary businesses, and we intend to assume and maintain the vast majority of The Light Group’s contracts, licenses and events.”
Hakkasan currently operates Hakkasan Nightclub and restaurant and Wet Republic at MGM Grand and Social House at CityCenter, with plans to open the Omnia nightclub and Searsucker restaurant where PURE used to be at Caesars Palace.
The Light Group operates a host of nightclubs, lounges and poolside day clubs, including Light and Daylight at Mandalay Bay, 1 OAK and Bare at The Mirage, The Bank at Bellagio and GOLD nightclub, Alibi Cocktail Lounge and LIQUID at Aria. Its restaurants include Fix and Yellowtail at Bellagio; Citizens Kitchen and Bar, Kumi and Red Square at Mandalay Bay; Hearthstone at Red Rock Resort; Stack at The Mirage; and Diablo’s Cantina in front of the Monte Carlo.
Under the deal expected to close in January, Morgans Hotel Group will retain its interest in the three Mandalay Bay restaurants that will continue to be managed by The Light Group.
In April, Hakkasan and MGM Resorts International formed MGM Hakkasan Hospitality, a hotel management company that will design, develop and manage luxury nongaming hotels worldwide.
The new company will work to develop properties in key international gateway cities and resort destinations worldwide under the Bellagio, Hakkasan, MGM Grand and Skylofts brands.
Contact Henry Brean at hbrean@reviewjournal.com or 702-383-0350. Find on Twitter: @RefriedBrean.
