MSG Entertainment Sells Tao Group to Investment Firm
Madison Square Garden Entertainment Corp. (NYSE:MSGE) has sold Tao Group Hospitality to Mohari Hospitality Ltd, the investiture firmly owned past PokerStars co-founder St. Mark Scheinberg.
Tao Group operates bars, nightclubs, restaurants and case spaces across the globe. Its Las Vegas venues solo include Asian and Italian restaurants, namesake twenty-four hours clubs, and the nightclubs Hakkasan, Marquee Nightclub, OMNIA Nightclub, and the Wet Republic Ultra Pool. The volume of those venues are placed at Strip resorts.
“Tao Group has grown from an innovator inwards nightlife to a leader in premium lifestyle and hospitality,” said J. Allen Smith, managing partner of Mohari, inward a statement. “Its world-wide footprint of to a greater extent than 80 branded locations inward o'er 20 markets and best-in-class management infrastructure speaks to the Group’s tremendous potential.”
Mohari Who?
In 2014, Scheinberg’s house sold PokerStars to Amaya Gaming Group Inc. for $4.9B, after which, Scheinberg started Mohari. The investiture firm’s portfolio includes 1 Hotel inwards Toronto, Centro Canalejas inward Madrid, the Cesar Ritz Carlton Yacht Collection, and other Four Seasons and Waldorf properties.
The sell — expected to fill up in May — values the Tao Group at around $550M. Mohari testament purchase MSG’s absolute majority stake and defend the entertainment chemical group as consultants. Tao’s management — including co-CEOs Noah Tepperberg and Jason Strauss the Younger — will hold an unspecified ownership stake.
“Over the lastly 20 years, we make been laser focused on edifice premium invitee experiences and a company with a world(a) influence in all areas of hospitality, entertainment and soda pop culture,” Tepperberg said inward a statement. “Mohari’s shared vision, linked with the strength of its portfolio and leadership, pass water it an ideal partner as we looking at at the next chapter for Tao Group.”
In January, MSGE hired Goldman Sachs to explore the sale of its controlling interestingness in Tao Group. According to a Jan 2023 New House of York Post story, the money was needed to offset the ballooning construction costs of the MSG Sphere inward Las Vegas. The damage label for the entertainment venue -– slated to unfastened inward October in arrears the Venetian, with U2 as its world-class residency — has nearly doubled to $2.175 billion.
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