Hakkasan Group announced in London today the acquisition of Angel Management Group (AMG), which is a Las Vegas based entertainment and nightlife company. AMG manages the following venues: Nightclub at MGM Grand Hotel & Casino, PURE Nightclub at Caesars Palace, WET REPUBLIC Ultra Pool at MGM Grand, Social House restaurant inside The Shops at Crystals, HQ Beach Club, and HQ Nightclub at Revel in Atlantic City. The new ownership will allow Hakkasan Group to expand its hospitality operations and brand in North America.
Hakkasan Group has been working with AMG for over two years by developing the Hakkasan Las Vegas Restaurant and Nightclub at MGM Grand, which launched in 2013. The two companies have been working together on new properties including Hakkasan Beverly Hills, the Herringbone at Mondrian Los Angeles, and the Hakkasan Shanghai, which is slated to open soon.
“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. That combination makes the acquisition extremely appealing in the context of our business objectives. I am also confident that AMG’s existing relationships in the US hospitality industry will provide opportunities for Hakkasan to establish other strategic partnerships as we seek to grow the business,” said Khadem Al Qubaisi, Chairman of Hakkasan Group.
“I am delighted to be in a position to unite our collective assets and teams in order to create a strong international group with experience in all areas of hospitality,” said Neil Moffitt, Chief Executive Officer of Hakkasan Group. “Our first priority will be to expand upon the success of Hakkasan’s venues and develop the brand portfolio in other markets, followed by the launch of several new concepts over the next few years.”
The purchase will see Moffitt increase his focus on the development and global growth of the Hakkasan Group with new responsibilities including the establishment of new divisions like the group’s hotel division. Nick McCabe, former VP of Strategy at AMG, will become the President of Hakkasan Group where he will be handling the day-to-day operations of the company.