11/18/2023 0 Comments Tao group partners![]() The Sphere includes a 580,000-square-foot exosphere with an outdoor programmable LED screen that will be installed by the end of April. ![]() The initial show launching in October will be “Postcard from Earth,” a one-hour presentation that will be shown multiple times per day. MSG Entertainment said last week that shows produced for the venue would be dubbed “Sphere Experiences” and produced by artists in collaboration with the company’s Burbank, California-based studios. The Sphere is expected to open in September - five years after its groundbreaking - with a performance by legendary rock band U2. In January, a research analyst said any funds from the sale of Tao would be directed toward completing the Sphere, which has seen its construction costs steadily increase and now has a price tag larger than the $1.9 billion Allegiant Stadium, even though the venue’s capacity is one-third the size of the 65,000-seat home of the Las Vegas Raiders. Allen Smith said in a statement from the company. “Tao Group has grown from an innovator in nightlife to a leader in premium lifestyle and hospitality,” Mohari Managing Partner J. MSG Entertainment expects to receive approximately $300 million in net cash proceeds.Īs a part of the transaction, Tao Group will enter into a multiyear agreement with MSG Entertainment for ongoing consulting, marketing and support services at New York City’s Madison Square Garden and the MSG Sphere. In a brief statement, MSG Entertainment said the sale of its 66.9 percent interest in Tao to Cyprus-based Mohari Hospitality is expected to close in May. Tao, which has venues in London, Singapore and Dubai, also operates 32 New York City restaurants. In Las Vegas, the operations encompass 17 restaurants, nightclubs, day clubs and pool lounges, including Tao Nightclub and Tao Asian Bistro at The Venetian, Hakkasan at MGM Grand, and Beauty & Essex at The Cosmopolitan of Las Vegas. Tao Group is a worldwide company with 80 locations in 20 markets. The sale of Tao by Madison Square Garden (MSG) Entertainment, announced Monday, was hinted at in January when the company hired investment group Goldman Sachs to explore a possible transaction. MSG Entertainment owns a controlling interest in Tao Group Hospitality and, as a result, also owns a controlling, indirect interest the newly combined company.The New York-based developer of the nearly $2.2 billion MSG Sphere has sold its majority ownership of Tao Group Hospitality for $550 million to help pay development costs for the Strip entertainment venue expected to open in September. With the completion of the deal, Tao Group Hospitality owns a majority of the newly combined company. For the transaction, Tao Group Hospitality issued equity from one of its subsidiaries to acquire Hakkasan Group from Hakkasan USA. Tao Group Hospitality is part of Madison Square Garden Entertainment Corporation (MSG Entertainment, NYSE: MSGE). Markets of focus with the recently inked transaction include London and Hakkasan Group’s four venues in the Middle East, which will provide an instant platform for growth. Through a combination of license, management and lease agreements, the two companies have built a vast network of partners that provide the combined company with additional opportunities for expansion and brand development. The vision for the merger is to create a combined portfolio of world-renowned entertainment, dining and hospitality brands that can be leveraged globally. As indoor dining and other hospitality experiences start to return to regular operations, we believe our newly combined company will be well-positioned to take advantage of this pent-up demand, setting the stage for long-term growth.” “Despite the challenges caused by the pandemic, we know there’s a real desire by people around the world to gather once again. Strauss spoke about the deal in an official release, sharing, Hakkasan Group’s executive team will continue to run day-to-day operations for Hakkasan properties under the direction of Tao Group Hospitality, led by co-CEOs Noah Tepperberg and Jason Strauss. The acquisition will see brands such as Tao, Omnia, Jewel, Marquee, Lavo and Beauty & Essex unite under one roof. The newly merged companies boast 61 entertainment, dining, and nightlife venues in 22 markets across five continents. Tao Group Hospitality has acquired former competitor Hakkasan Group in an acquisition that creates a global premium hospitality powerhouse for Tao Group Hospitality moving forward.
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