MGM Resorts International And Hakkasan Group Announce Formation Of Joint Venture Hotel Company MGM Hakkasan Hospitality
New Company to Pursue Global Growth in Hospitality Industry
"This joint venture exemplifies one of our stated strategies of developing Hakkasan Group into a multifaceted global lifestyle company. While hotel and resort projects have been part of our business plan for some time, it was crucial for us to find the best possible partner that could bring a wealth of experience and skill to the development and operation of branded products, and we believe there is no better choice than MGM Resorts International," said Khadem Al Qubaisi, Chairman of Hakkasan Group.
Jim Murren, Chairman and CEO of MGM Resorts International, said, "Our partnership with the team at Hakkasan began with the incredibly successful opening of Hakkasan Las Vegas Restaurant and Nightclub at MGM Grand in April 2013. Growing that relationship to form MGM Hakkasan Hospitality provides us both with access to capital as well as the opportunity to join their internationally renowned lifestyle brand with iconic brands such as Bellagio and MGM Grand as we seek to create resort destinations and lifestyle experiences around the globe."
Each party is contributing brand licenses to the new MGM Hakkasan Hospitality, with a combined portfolio that boasts many of the world's finest hospitality brands in Bellagio, Hakkasan, MGM Grand and SKYLOFTS. The new joint venture will aggressively pursue gateway cities around the world. Early targets will include such international destinations as New York, Beverly Hills and London. Additionally, Hakkasan Group will focus on placing other high-profile dining and nightlife brands into MGM Hakkasan Hospitality hotel and residential developments in order to maximize value from its portfolio of assets.
Hakkasan Group CEO Neil Moffitt will lead the joint venture, as he becomes CEO of MGM Hakkasan Hospitality, and MGM Hospitality COO Michael Evans will be COO of the newly formed company. The company will operate under a combined board and governance.
Moffitt said, "With existing projects already in the pipeline, a strong operational infrastructure and access to capital resources, MGM Hakkasan Hospitality will have more exposure to greater opportunities, improve the utilization of its resources and be more efficient in its operations."
For more information, please visit www.mgmhk.com.
About Hakkasan Group
Founded in London in 2001, Hakkasan Group pioneered modern Cantonese fine dining through its Michelin-starred restaurants Hakkasan Hanway Place, Hakkasan Mayfair, Hakkasan New York, Yauatcha and HKK. It has since expanded its Hakkasan locations globally to Miami, Abu Dhabi, Mumbai, Dubai, Doha, San Francisco, Las Vegas, Beverly Hills and the recent opening of Shanghai in March. Hakkasan Group's brand portfolio also includes the Japanese fine dining concept Sake no Hana (London and Dubai), and social dining properties Searsucker (San Diego, Del Mar and Austin), Herringbone (San Diego and Los Angeles) and Social House at The Shops at Crystals. It also includes newly acquired nightlife venues such as PURE Nightclub at Caesars Palace, WET REPUBLIC Ultra Pool at MGM Grand, Stingaree Nightclub in San Diego, HQ Beach Club and HQ Nightclub at Revel in Atlantic City. Hakkasan Group is owned by Tasameem Real Estate LLC, an Abu Dhabi-based investment company. For more information, visit www.hakkasangroup.com.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 27 unique hotel offerings including some of the most recognizable resort brands in the industry. The company is expanding throughout the U.S. and around the world, developing MGM Springfield in Massachusetts and MGM COTAI in Macau, and debuting the first international Bellagio branded hotel in Shanghai. The 77,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information visit us at www.mgmresorts.com.