The group that owns the sprawling Hakkasan nightclub at MGM Grand today announced it is buying the Las Vegas-based group that manages the club.
Hakkasan Group announced its acquisition of Angel Management Group, the nightlife and entertainment firm that manages Hakkasan Las Vegas, Pure Nightclub at Caesars Palace, Wet Republic at MGM Grand and other properties.
The acquisition, according to a news release issued today, will “provide Hakkasan Group with significant day-to-day operational capability and infrastructure, which will enable it to further expand its brand and hospitality operations in North America.”
More than two years ago, Hakkasan Group selected AMG to develop the highly acclaimed Hakkasan Las Vegas, which opened in 2013. Since then, the two companies have been working in conjunction to open new properties, including Hakkasan Beverly Hills and the newly acquired Herringbone at Mondrian Los Angeles. Hakkasan Shanghai will open in early 2014.
"Following a successful partnership with Angel Management Group, we believe the consolidation of its businesses will accelerate Hakkasan’s goal of creating a suite of multifaceted global lifestyle brands. AMG has a proven track record of success in venue operation and marketing, and has established high-performing venues and experiences that appeal to guests and generate strong revenues," said Khadem Al Qubaisi, chairman of Hakkasan Group.
The acquisition will see Neil Moffitt, the founder and CEO of AMG and current CEO of Hakkasan Group and HKK Hospitality Limited, increase his focus on the strategic development and global expansion of the Hakkasan Group. New responsibilities will include the establishment of additional divisions, including the group’s hotel division.
Nick McCabe, former vice president of strategy for AMG, will become the president of Hakkasan Group, and will be responsible for the day-to-day operations of the company’s portfolio.
Terms of the acquisition were not announced.