The strategic alliance will form a hotel management company named MGM Hakkasan Hospitality.
The projects currently under development within each of the two groups will be contributed to the joint-venture, including those by MGM in the Americas, the Middle East and Asia, and also Hakkasan's in Abu Dhabi and Dubai. Early targets for MGM Hakkasan Hospitality will also be destinations such as New York, Beverly Hills and London.
"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," declared Jim Murren, president and CEO of MGM Resorts International.
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.
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