Las Vegas headquartered MGM Resorts International is to end its management agreement with global hospitality firm Hakkasan Group, relating to a number of establishments across its property portfolio.
Transitioning venues in its home city within the state of Nevada to MGM management, the previous deal between the two relating to Stack at The Mirage, Fix, Yellowtail, and Lily Lounge at Bellagio, as well as Alibi Ultra Lounge and Herringbone at Aria, will end effective May 31, 2019.
Ari Kastrati, senior vice president of food and beverage strategy at MGM, commented: “Hakkasan Group is an outstanding partner and we look forward to our continued collaboration with them. Moving forward, as we bring the management of Stack, Fix, Yellowtail, Lily, Alibi and Herringbone, including all employees, under the MGM Resorts umbrella, we will be focused on a seamless transition and continuing to deliver unparalleled experiences for our guests.”
Hakkasan Group will continue to manage the Jewel Nightclub and Liquid Pool Lounge at Aria, 1OAK Nightclub at The Mirage, Wet Republic Ultra Pool, Level Up at MGM Grand as well as the Hakkasan Group-owned venue Hakkasan Nightclub and Restaurant.
It is said that as a result of the strategic transaction, the group is to be to develop further dining and lounge concepts for the future, unrestricted by exclusivity within Las Vegas.
“Hakkasan Group’s continued focus is on strategic global expansion in key destinations around the world, and we look forward to bringing new hospitality concepts to market,” added Michael Ryan-Southern, chief financial officer of Hakkasan Group.
“We’d like to thank MGM Resorts International for the successful partnership and look forward to our continued path together.”
Las month MGM revealed it had surpassed first quarter financial expectations, as the company re-emphasised its global targets moving forward, including a number of property enhancement, implementation of its 2020 initiative and growth opportunities within the prospective integrated resorts scene in Japan.