LAS VEGAS, April 15, 2014 /PRNewswire/ -- MGM
Resorts International (NYSE: MGM) and Hakkasan Group
today announced the formation of a joint venture hotel management
company, to be named MGM Hakkasan Hospitality. The strategic
alliance will focus on the design, development and management of
luxury non-gaming hotels, resorts and residential offerings under
the Bellagio, Hakkasan, MGM Grand and SKYLOFTS brands in key
international gateway cities and prime resort destinations across
the globe. All of the hotel and resort projects currently
under development by each group will be contributed to the joint
venture, including MGM projects in the Americas, the Middle East, and Asia; and Hakkasan projects in Abu Dhabi and Dubai.
MGM Hakkasan Hospitality marries the strengths of MGM Resorts
International and Hakkasan Group. MGM Resorts is a world leader in
experiential hospitality and is recognized for designing and
operating destination hotels unparalleled in innovation, amenities
and quality of service, while Hakkasan Group is a distinguished
global lifestyle company offering a unique approach to restaurant,
lounge, nightlife and daylife experiences.
"This joint venture exemplifies one of our stated strategies of
developing Hakkasan Group into a multifaceted global lifestyle
company. While hotel and resort projects have been part of our
business plan for some time, it was crucial for us to find the best
possible partner that could bring a wealth of experience and skill
to the development and operation of branded products, and we
believe there is no better choice than MGM Resorts International,"
said Khadem Al Qubaisi, Chairman of
Hakkasan Group.
Jim Murren, Chairman and CEO of
MGM Resorts International, said, "Our partnership with the team at
Hakkasan began with the incredibly 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 internationally renowned
lifestyle brand with iconic 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 the new MGM
Hakkasan Hospitality, with a combined portfolio that boasts many of
the world's finest hospitality brands in Bellagio, Hakkasan, MGM
Grand and SKYLOFTS. The new joint venture will aggressively pursue
gateway cities around the world. Early targets will include such
international destinations as New
York, Beverly Hills and
London. Additionally, Hakkasan
Group will focus on placing other high-profile 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 he becomes CEO of MGM Hakkasan
Hospitality, and MGM Hospitality COO Michael Evans will be COO of the newly formed
company. The company will operate under a combined board and
governance.
Moffitt said, "With existing projects already in the pipeline, a
strong operational infrastructure and access to capital resources,
MGM Hakkasan Hospitality will have more exposure to greater
opportunities, improve the utilization of its resources and be more
efficient in its operations."
For more information, please visit www.mgmhk.com.
About MGM Resorts International
MGM Resorts
International (NYSE: MGM) is one of the world's leading global
hospitality companies, operating destination resort brands
including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The
Company also owns 51% of MGM China Holdings Limited, which owns the
MGM Macau resort and casino and is in the process of developing a
gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA Resort &
Casino. For more information about MGM Resorts International,
visit the Company's website at www.mgmresorts.com.
About Hakkasan Group
Founded in London in 2001, Hakkasan Group pioneered
modern Cantonese fine dining through its Michelin-starred
restaurants Hakkasan Hanway Place, Hakkasan Mayfair, Hakkasan New
York, Yauatcha and HKK. It has since expanded its Hakkasan
locations globally to Miami,
Abu Dhabi, Mumbai, Dubai, Doha,
San Francisco, Las Vegas, Beverly
Hills and the recent opening of Shanghai in March. Hakkasan Group's brand
portfolio also includes the Japanese fine dining concept Sake no
Hana (London and Dubai), and social dining properties
Searsucker (San Diego,
Del Mar and Austin), Herringbone (San Diego and Los
Angeles) and Social House at The Shops at Crystals. It also
includes newly acquired nightlife venues such as PURE
Nightclub at Caesars Palace, WET REPUBLIC Ultra Pool at MGM Grand,
Stingaree Nightclub in San Diego,
HQ Beach Club and HQ Nightclub at Revel in Atlantic City. Hakkasan Group is owned by
Tasameem Real Estate LLC, an Abu
Dhabi-based investment company. For more information, visit
www.hakkasangroup.com.
Photo - http://photos.prnewswire.com/prnh/20140415/AQ04101
SOURCE MGM Resorts International