Hakkasan to develop new dining concepts

The high-end hospitality group, founded in London in 2001, will cease its involvement in Stack at The Mirage, Fix, Yellowtail, Lily Lounge at Bellagio, Alibi Ultra Lounge and Herringbone at ARIA on 31 May 2019.

These will remain under the control of MGM Resorts International, which held management agreements with the company.

Hakkasan will continue to run its eponymous nightclub and restaurant, as well as five other nightclub and lounge sites in Las Vegas.

The company says this “strategic transition” will allow it to “develop further dining and lounge concepts for the future unrestricted by exclusivity within Las Vegas”.

"Hakkasan Group's continued focus is on strategic global expansion in key destinations around the world, and we look forward to bringing new hospitality concepts to market," says Michael Ryan-Southern, chief financial officer of Hakkasan.

Hakkasan was launched in London by Alan Yau, founder of the Wagamama chain. The group now operates c.50 sites worldwide, including its eponymous Cantonese restaurant brand and Yauatcha dim sum concept.

Hakkasan has five London restaurants, three of which hold a Michelin star.

The group posted a pre-tax loss of £33m for the year ending 30 June 2018,​​ though this is down from a £112m loss reported the previous year.