Morgans Hotel Group will buy a 90% stake in the Light Group, MGM Resorts' restaurant-club operator, for $46.5 million.
The Light Group operates a number of restaurants and clubs at MGM Resorts International’s Las Vegas hotels, including Haze at Aria Resort and Casino; the Bellagio’s Bank Nightclub and Yellowtail Japanese Restaurant & Lounge; and Diablos Mexican Cantina at the Monte Carlo.
The Light Group is also near completion of food-and-beverage upgrades at Morgans' Delano South Beach in Miami Beach.
For the 12 months ended September, the Light Group generated $7.7 million in profit, excluding certain items.
As part of the agreement, which is expected to close this year, Light Group founder and chairman Andrew Sasson will join Morgans’ board of directors while staying on with the Light Group as its CEO.
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