Hakkasan Group, The five-story EDM nightclub at the MGM Grand hotel-casino, is buying The Light Group and its 22 nightclubs, day clubs and restaurants in a $36 million deal.
Morgans Hotel Group announced the company is selling a 90 percent stake in the EDM nightlife company in a deal expected to close next month. The remaining 10 percent will still be owned by The Light Group’s founders as part of the $36 million price tag.
Hakkasan Group CEO Neil Moffitt said this new deal would make his company the largest nongambling entertainment enterprise on the Las Vegas Strip.
Hakkasan has eight nightclubs and day clubs and seven restaurant brands worldwide. This new purchase will add another 22 nightclubs, day clubs and restaurants to Hakkasan’s EDM portfolio.
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 Resort International properties. MGM combined forces with Hakkasan earlier this year to form MGM Hakkasan Hospitality to develop and manage hotels with the casinos worldwide.
MGM Resorts said the company looked forward to Hakkasan’s seamless transition and recognized The Light Group for its impact on Las Vegas.