How much did Tao Group buy Hakkasan for?
That deal was worth $181 million. That partnership brought MSG a world-class dining and hospitality arm. Hakkasan Group’s executive team will continue to run day-to-day operations for the Hakkasan properties under the direction of Tao Group Hospitality, led by co-CEOs Noah Tepperberg and Jason Strauss.
Is Tao Group Buying Hakkasan group?
Tao Group Hospitality, which operates restaurants, nightclubs, lounges and other venues across the U.S. and overseas, said it has acquired Hakkasan Group, which operates several locations of its namesake restaurant and other restaurants and nightlife destinations globally.
What clubs does Hakkasan own?
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.
What is Hakkasan group worth?
Hakkasan Group is generating $500 million in revenue from its nightclub and restaurant venues as it sets up to boost its global party and dining presence by half over the next 36 months, CEO Neil Moffitt told a conference Monday.
What happened Hakkasan?
After eight years in business, the San Francisco location of the international Hakkasan chain has permanently closed. The San Francisco location of Hakkasan, a 12-restaurant chain owned by an Abu Dhabi-based investment company, has closed for good, the SF Chronicle reports.
Who bought Hakkasan group?
Tao Group Hospitality
Tao Group Hospitality, which operates restaurants, nightclubs, lounges and other venues across the U.S. and overseas, said last week it has acquired Hakkasan Group, which operates several locations of its namesake restaurant and other restaurants and nightlife destinations globally.
Does MGM own Hakkasan?
These venues will continue to operate under MGM Resorts’ control. Hakkasan Group will continue to manage JEWEL Nightclub and Liquid Pool Lounge at ARIA, 1OAK Nightclub at The Mirage, Wet Republic Ultra Pool, Level Up at MGM Grand as well as the Hakkasan Group-owned venue Hakkasan Nightclub and Restaurant.
Why did Hakkasan NYC close?
A representative for the Hakkasan Group confirmed the closure, writing in an emailed statement that “we have made the difficult decision to close our location due to the ongoing impact of COVID-19.”
What happened to Hakkasan?
Dining and nightlife brand Tao Group Hospitality has acquired Hakkasan Group, the entertainment chains announced Wednesday. The newly formed hospitality group operates 61 dining and nightlife venues in 22 markets across five continents, with brands including Tao, Beauty & Essex, Hakkasan, Yauatcha and more.
How much money does Hakkasan make a year?
The lavish restaurant’s New York location made nearly $16.4 million in annual sales in 2019, according to an estimate from RB sister company Technomic. Hakkasan Group’s executive team will continue to run day-to-day operations for its properties under the direction of Tao Group co-CEOs Noah Tepperberg and Jason Strauss.
What is the deal between Tao and Hakkasan?
The deal will further the global growth of both brands. The acquisition of Hakkasan expands Tao’s reach into Las Vegas, Southern California and Miami. It will also provide benefits to areas such as marketing, cross-promotion, procurement, purchasing and sponsorships, the companies said.
When will the new Hakkasan Las Vegas be completed?
The Las Vegas venue is expected to be completed in 2023. Tao Group completed the deal by issuing equity from one of its subsidiaries to acquire Hakkasan, giving Tao majority control of the combined company. MSG Entertainment owns a controlling interest in Tao Group and now owns controlling, indirect interest in the combined company.