![]() 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. ![]() 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.
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