![]() ![]() ↑ Sheckells, Melinda Sheckells, Melinda (). ![]() ↑ "Tao Group's Hakkasan acquisition will reverberate across Las Vegas and beyond - Las Vegas Weekly"."MSG Pays $181M For Controlling Stake In Nightlife Company Tao Group". ↑ Lieberman, David Lieberman, David ()."TAO Group's Fleur Room Is Hollywood's Newest Low-Key Hotspot". ↑ Brown, Evan Nicole Brown, Evan Nicole ().Restaurant Brands & Locations Restaurants Brands Owned or Operated Nightclub & Lounges: Brands & Locations Nightclubs & Loungesĭayclub Brands & Locations Dayclubs In 2022 Tao Group re-launched Tao Beach Dayclub, which had initially opened in 2007. Madison Square Garden Entertainment purchased a 62% controlling stake in Tao Group in 2017 and in 2021 Tao Group Hospitality acquired Hakkasan Group. During that time Tao Group launched LAVO Nightclub, Marquee Nightclub & Dayclub in Las Vegas, and Beauty & Essex. The four founders created Tao Group in 2009. Several years later Strauss, Tepperberg, Packer and Wolf opened Tao Asian Bistro & Nightclub as a joint venture at the Venetian Resort in Las Vegas and followed up with LAVO in 2008. Separately, Marc Packer and Rich Wolf had opened Tao Uptown in NYC in 2000. The pair sold their marketing agency and created a hospitality business that began with the opening of Marquee Nightclub in New York City in 2003. In 1997 Strauss and Tepperberg founded a marketing agency that worked with brands such as Coca-Cola and Playstation. The addition of Hakkasan Group's venues expanded Tao Group Hospitality into the following areas: North America, Europe, Middle East, Asia and Africa and included the following brands: Hakkasan, Omnia, Yauatcha, Ling Ling, Wet Republic and Jewel. In April 2021 Tao Group Hospitality acquired Hakkasan Group merging the two nightlife companies into one. Founders Strauss and Tepperberg remained with the company after the purchase to manage the company's venue operations. In February of 2017, Madison Square Garden Company (MSG) purchased a majority stake in Tao Group. Most originated in New York City or Las Vegas prior to expanding into other markets. Įxamples of brands include TAO, Marquee, LAVO, Beauty & Essex, Avenue, Cathédrale, Koma and Little Sister. As of 2021, Tao Group Hospitality owns and/or operates over 70 branded locations. Tao Group Hospitality is a hospitality company officially formed in 2009 by co-founders - Jason Strauss, Noah Tepperberg, Marc Packer and Rich Wolf. 3.1 Nightclub & Lounges: Brands & Locations.The move comes as MSG Entertainment completes a re-organization plan, which will see it split off its live entertainment business into a new entity. Mark Scheinberg will be a new player on the New York party scene after buying Tao. “For the Tao founders, they now have a partner who wants to expand so this is great for them,” the source said. That should now change with Scheinberg, owner of the realty-focused investment firm Mohari Hospitality, the source added. MSGE does not have the funds to run new Tao restaurants or night clubs and secures management contracts for new venues, a source who is close to the chain said. Dolan is making a pretty good return from his sale of Tao. The Sphere’s budget has ballooned from $1.2 billion to $2.2 billion. The Post broke the news in January that Dolan, who also owns the Knicks and Rangers, was selling Tao and hopes to use the proceeds to finish the building of the Las Vegas Sphere Arena at the Venetian. Tao’s pricey clubs have long been playgrounds for Wall Street financiers and celebrities like Leonardo DiCaprio, Bella Hadid and Justin Bieber.Ī Morgan Stanley analyst calculated in December that Tao - which operates 32 New York City restaurants and clubs like Beauty & Essex, Lavo and Bar Moxy, as well as dozens of other venues in London, Singapore and Dubai - was worth $524 million. The Tao founders - Marc Packer, Rich Wolf, Noah Tepperberg and Jason Strauss - are keeping their stakes in the business. MSGE owns a 67% stake in Tao, which has an outstanding $90 million loan that will be reduced from Dolan’s share of the proceeds. James Dolan on Monday agreed to sell the Tao Group to PokerStars co-founder Mark Scheinberg in a deal that values the high-end restaurant business at $550 million.ĭolan’s Madison Square Garden Entertainment bought Tao in 2017 for $181 million and will receive $300 million of net proceeds in the sale, MSGE said in a press release. MSG to get phone records of state investigator accused of colluding with lawyers banned from arena Knicks owner casts lone opposing vote in Hornets sale Inside the MSG Sphere in Vegas: ‘A once-in-a-generation opportunity’ James Dolan ‘locking in dates’ with Eagles for residency at Las Vegas Sphere: sources ![]()
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