In just a short time, Hakkasan has more than made their mark on the Las Vegas Strip. A massive, five-story club features world-class DJs like Calvin Harris and Tiesto, and draws in hoards of beautiful people willing to shell out top dollar for the one of a kind entertainment found within. This success has allowed the Hakkasan Group to make, arguably their biggest move to date, a million purchase for 90 percent of the Light Group. The deal will give Hakkasan 22 restaurants, dayclubs and nightclubs in Vegas, Los Angeles and Miami. Morgans, a New York-based hospitality company, bought the stake in late 2011 for .5 million in cash and debt.
The Light Group operates over a dozen restaurants, clubs and lounges in Las Vegas, most of which are on the strip. Some of them include 1OAK at the Mirage, the Bank at Bellagio, and Yellowtail, also at Bellagio. Hakkasan Group CEO Neil Moffitt claims this groundbreaking deal will make Hakkasan the largest non-gaming, dining and entertainment company in Las Vegas.
Moffitt went on to say, “Hakkasan Group and the Light Group are highly complimentary businesses, and we intend to assume and maintain the vast majority of the Light Group’s contracts, licenses, and events.” Hakkasan currently operates only three locations, Hakkasan Nightclub and Restaurant, and Wet Republic at MGM Grand, in addition to Social House at City Center. They currently have plans to open Omnia nightclub and Searsucker restaurant to fill in where PURE used to be at Caesars Palace.
The deal is part of an aggressive expansion plan by Hakkasan, Forbes reported. Earlier this year, the company bought Enlightened Hospitality of San Diego, which operates fine dining restaurants in Southern California. This past April, Hakkasan And MGM Resorts International formed MGM Hakkasan Hospitality, a hotel management company with their eyes set on non-gaming luxury hotels around the world. The company will design, develop, and manage the hotels in hopes of diversifying their respective portfolios in key international gateway cities, while using the Bellagio, Skyloft, Hakkasan, and MGM Grand brands to their advantage.
