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.