The two hospitality groups will now operate 61 dining and nightlife locations in 22 markets
Nightlife in Las Vegas will be back in extensive force this upcoming summer as New York City-based Tao Group has acquired Las Vegas-based Hakkasan Group via an equity deal. The deal details that Hakkasan Group’s executive team will continue their day-to-day operations but under the guidance and direction of Tao Group CEOs. Tao Group Co-CEO, Jason Strauss, made the following comments about the acquisition,
“Despite the challenges caused by the pandemic, we know there’s a real desire by people around the world to gather once again. As indoor dining and other hospitality experiences start to return to regular operations, we believe our newly combined company will be well-positioned to take advantage of this pent-up demand, setting the stage for long-term growth.”
The massive acquisition deal will allow both hospitality groups to expand into completely different markets. In turn, this will only increase the exposure of both groups. It is being reported that the acquisition was made via Tao Group issuing equity from “one of its subsidiaries to acquire Hakkasan,” and has allowed Tao Group to acquire a major stake in the company.
Feature Photo – Rukes
H/T – Billboard