Nightclub developer Hakkasan to buy The Light Group

AP News
Posted: Dec 16, 2014 8:19 PM

LAS VEGAS (AP) — Popular nightclub and restaurant operator Hakkasan Group is buying like-minded company The Light Group in a $36 million deal that could make it one of the largest nongambling entertainment enterprises on the Las Vegas Strip.

Officials from New York-based Morgans Hotel Group announced Tuesday that the company is selling Hakkasan its 90 percent stake in The Light Group in a deal expected to close next month. The remaining 10 percent owned by The Light Group's founders is also part of the deal.

Hakkasan Group CEO Neil Moffitt said in a statement that the deal will add 22 nightclubs, dayclubs and restaurants to his company's portfolio. Hakkasan owns and operates a five-story nightclub at the MGM Grand Hotel & Casino in Las Vegas, as well as other restaurants and clubs worldwide.