The Tao Group has been working hard to expand in Las Vegas recently. The company is well-known for being one of the main nightlife operators in the city. This week, news broke that Tao Hospitality agreed to purchase the Hakkasan Group.
This gives the company control over all of the Hakkasan properties. It’s exciting news and will lead to some major shake-ups in the city’s nightlife industry. Today, we’re going to talk about what exactly this means moving forward.
Here’s what you need to know!
Nightlife Options in Las Vegas are Expanding
The city of Las Vegas is known for being the party capital of the United States. Laws are relaxed here and millions flock to the city every year to take part in the festivities. Unfortunately, the city’s nightlife options were almost completely shut down throughout much of 2020.
Things began to improve last summer. Tourism rates slowly began to increase and hotels expanded their hours. As the colder months approached, infection rates began to surge again and tourism into the city dropped.
2021 is proving to be a much more successful year for Las Vegas. Hotels in the city are now reporting major surges of tourism. Most analysts expect to see a massive number of individuals flocking to the city as summer rolls around.
Nightlife options are now beginning to expand in the city. Much of this is due to capacity limits in the city increasing. As the health situation improves around the country, Nevada is choosing to allow casinos and other establishments in the city to increase their capacity limits.
There are a massive number of different major nightlife operators throughout Las Vegas. Some are bigger than others. Lately, many of these companies have been looking at ways to capitalize on the new surge of tourism.
Tao Group is one company excited to see more people flocking into Las Vegas. We’re now beginning to hear about the company’s latest expansion plan.
Reports Confirm Tao Hospitality has Purchased Hakkasan Group
There are many world-class nightlife establishments operating in the city of Las Vegas. Many of these venues are located inside the city’s major casino-resorts. As many are aware, Tao Group is known for running some of the best venues in the city.
Tao runs several popular nightclubs and restaurants in Las Vegas. That includes several inside The Venetian Casino-Resort. Interestingly, the company has been focused on expanding more in the city lately.
Resorts have now confirmed that Tao Hospitality has agreed to purchase Hakkasan Group. This is a massive shake-up for the Las Vegas nightlife industry. Moving forward, Tao will gain control over Hakkasan’s nine different venues in Las Vegas. The biggest is of course the Hakkasan Nightclub, located in the MGM Grand Casino-Resort.
Derek Silberstein, executive vice president of Hakkasan Group, expressed excitement to join with Tao Group to the media this week.
“We are thrilled to join Tao Group Hospitality, a company we’ve long admired for their leadership and innovation in entertainment, dining and hospitality,” he said. “We look forward to utilizing our collective strengths to continue raising the bar for exceptional guest experiences.”
It’s also being reported that Tao Hospitality will have a significant presence at the MSG Sphere. This massive entertainment venue is currently under construction in Las Vegas. Specific details on how Tao will be involved have not come out.
Which US Casino Company is Faring the Best Right Now?
The US casino industry is recovering in a big way right now. It could take years for things to completely return to normal, though. Many of the major casino operators in the country are slowly seeing their revenue figures increase.
MGM Resorts International has reported $1.6 billion in revenue thus far in 2021. The company has been reporting major increases in their hotel occupancy levels. CEO Bill Hornbuckle expects a successful year ahead.
“Consumer demand strengthened at our domestic properties, and the significant changes we’ve made to our operating model have positioned us to capitalize on the recovery,” he said. “Leisure demand is improving, and we now have a tangible path to bring conventions and entertainment back at scale.”
Las Vegas Sands is also seeing a major increase in its hotel occupancy levels. The company is struggling from its low revenue figures in Macau and Singapore, though. Many feel it will take months for this trend to change.
Every US casino operator has reason to be optimistic. There are some very promising signs right now for the industry. We’ll be sure to offer more in-depth revenue reports as the year goes on.
Are you surprised to hear that Tao Hospitality has purchased Hakkasan Group? Do you plan on visiting Las Vegas this year? Let us know in the comments section below.