MGM Joins venture With Hakkasan Group To Build Hotels Worldwide

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(Via Forbes)

“A year after opening up the United States’ largest club at MGM Resort International’s signature hotel and casino, Hakkasan Group is expanding its relationship with the iconic Las Vegas company. On Tuesday, the two announced a joint venture to form MGM Hakkasan Hospitality, a relationship Hakkasan CEO Neil Moffitt said will produce high-end, non-gaming hotels through out the world.

In what Moffitt called “a utilization of each others’ strengths,” the two companies will share projects currently contracted or under development to the venture, which is owned evenly in a 50-50 split between MGM and Hakkasan. MGM Resorts MGM -0.93% currently has projects in the Americas, the Middle East and Asia, while Hakkasan has already started on developments in Dubai and Abu Dhabi in the United Arab Emirates; Mumbai, Doha, Qatar; and Cabo San Lucas, Mexico.

The joint venture is an affirmation of a quickly growing partnership between the two hospitality firms that started last year in typical Sin City fashion. Last April, Hakkasan opened an 80,000 square foot restaurant and club operation to revive MGM’s flailing nightlife scene. With a buildout figure that exceeded $100 million and performer fees of more than $200,000 a night for DJs like Calvin Harris, Hakkasan’s move to open its first club was a success according to Moffitt, who will also assume the CEO position of the new partnership.

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