Hakkasan Group purchases Morgans Hotel Group’s 90-percent stake in Light Group
The newly organized Hakkasan Group (formerly AMG) has purchased Morgans Hotel Groups’ 90-percent stake in Light Group for a rumored $41 million in cash and debt. Morgans Hotel, the New York based hospitality group, initially purchased their stake in 2011 for an estimated $46.5 million. By purchasing Light Group, Hakkasan will be able to consolidate a chunk of the crowded and competitive Vegas nightlife scene and enhance it’s profile. Hakkasan aims to launch Omnia Nightclub in the spring at Caesars Palace and will assume all operating duties of one of the Strip’s newest venues, Light in the Mandalay Bay.
The purchase will also include over 22 of the Light Group’s other club and restaurant properties.