Nightclub Company Hakkasan to Buy The Light Group in $36 Million Deal
The deal will make Hakkasan the largest nongambling entertainment enterprise on the Las Vegas Strip
One purveyor of swanky Las Vegas Strip nightlife is buying another in a $36 million deal announced Tuesday.
Hakkasan Group, whose name is affixed to a five-story nightclub and dining experience at the MGM Grand hotel-casino, is buying The Light Group and its 22 nightclubs, day clubs and restaurants.
Officials from New York-based Morgans Hotel Group announced the company was selling its 90 percent stake in the nightlife company in a deal expected to close next month. The remaining 10 percent owned by The Light Group's founders is also part of the $36 million price tag.
Hakkasan Group CEO Neil Moffitt said in a statement that the deal would make his company the largest nongambling entertainment enterprise on the Las Vegas Strip.
Nightclubs and day clubs attached to big name DJs and posh dining spots have become as omnipresent as slot machines in the glittery destination as casino companies looking for newer revenue from, perhaps, younger pockets avoid relying solely on what they win from gamblers.
Hakkasan has eight nightclubs and day clubs and seven restaurant brands worldwide. The purchase would add another 22 nightclubs, day clubs and restaurants to Hakkasan's portfolio, including The Light Group's Light at Mandalay Bay.
Most of The Light Group's clubs and dining outlets are inside the Aria, Mirage, Bellagio and Mandalay Bay hotel-casinos on the Las Vegas Strip.
All of them are MGM Resorts International properties. The casino-hotel company combined forces with Hakkasan earlier this year to form MGM Hakkasan Hospitality to develop and manage hotels with the casinos worldwide.
A statement from MGM Resorts said the company looked forward to Hakkasan's seamless transition and recognized The Light Group for its impact on Las Vegas.