MGM joins up with Hakkasan to develop nongaming hotels
MGM Resorts International has formed a joint venture with Hakkasan Group to explore opportunities for nongaming hotels.
Newly formed MGM Hakkasan Hospitality will develop and manage luxury hotels and resorts under MGM Grand, Bellagio, SKYLOFTS and Hakkasan brands.
The partnership will focus on major resort destinations and gateway cities globally, including New York and Beverly Hills, it said in a press release.
Jim Murren, CEO of MGM Resorts International said the tie-up is a natural progression after the two companies collaborated on the design and development of the $100 million Hakkasan club which opened at MGM Grand in 2013.
Each of the two companies’ current projects will be added to the joint venture, including MGM developments in the Americas and Asia, and Hakkasan’s Middle East pipeline.
"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," said Hakkasan Group CEO Neil Moffitt, who will become CEO of the new venture.
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