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News: Main
April 16, 2014

MGM Resorts and Hakkasan Group Form New Joint Venture

All hotel and resort projects currently under development by each group will be included

News:

Main
April 16, 2014

MGM Resorts and Hakkasan Group Form New Joint Venture

All hotel and resort projects currently under development by each group will be included

MGM Resorts International and Hakkasan Group have formed a joint venture hotel management company, MGM Hakkasan Hospitality. This new company will focus on the design, development, and management of luxury non-gaming hotels, resorts, and residential offerings globally under the Bellagio, Hakkasan, MGM Grand, and SKYLOFTS brands. 

All hotel and resort projects currently under development by each group will be included, including MGM projects in the Americas, the Middle East, and Asia; and Hakkasan projects in Abu Dhabi and Dubai. 


Jim Murren, chairman and CEO of MGM Resorts International, says, “Our partnership with the team at Hakkasan began with the successful opening of Hakkasan Las Vegas Restaurant and Nightclub at MGM Grand in April 2013. Growing that relationship to form MGM Hakkasan Hospitality provides us both with access to capital as well as the opportunity to join their lifestyle brand with brands such as Bellagio and MGM Grand as we seek to create resort destinations and lifestyle experiences around the globe.”  

Each party is contributing brand licenses to MGM Hakkasan Hospitality, which will pursue gateway cities such as New York, Beverly Hills, and London. Additionally, Hakkasan Group will focus on placing other dining and nightlife brands into MGM Hakkasan Hospitality hotel and residential developments in order to maximize value from its portfolio of assets.   

Hakkasan Group CEO Neil Moffitt will lead the joint venture as CEO of MGM Hakkasan Hospitality, and MGM Hospitality COO Michael Evans will assume the role of COO of the newly formed company, which will operate under a combined board and governance.

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