News

Hakkasan Lost Whopping $46 Million in 2016, Deal with SBE May Be Killed?

A source within Hakkasan met with me this past weekend outside their offices, and revealed a claim that they have stopped the merger process with SBE after what the source claimed was a “serious financial issue.”

I want to stress this is so far a rumor, but with a copy of the financial statements given to me, they seem to be an interesting rumor. Especially since SBE/Hakkasan promised the merger would be done by the start of the summer, and months later it’s still not even close to completing.

However, I must make clear (partially for legal reasons) that these are rumors and even the most difficult mergers sometime happen after long delays. Hakkasan doesn’t at this point have much of a choice, except to sell to SBE… and SBE really wants Hakkasan to be a jewel in their crown.

An SBE spokesperson issued the following statement, regarding the merger, this month: “SBE remains in negotiations to complete a financial transaction in which SBE’s and Hakkasan’s formidable hospitality assets are combined into one company. We are looking forward to completing the transaction to accelerate our already robust expansion.”

Also, their purchase of Morgan’s hotel group for $82 million took two years.

 

Pace Lattin
Pace Lattin has been doing online media and marketing for over 20 years and has has earned the reputation of having a high standard of ethics and being an expert in both brand and direct response. Follow me on Facebook
Click to comment

Leave a Reply

What's Latest

PaceVegas is the local insider publication for business leaders in Las Vegas. Owned by renown marketing expert Pace Lattin, PaceVegas focuses on the business of Vegas for those who want to know the inside information of who is making waves and money.

Copyright © 2015 Pace Lattin Inc. Las Vegas, NV

To Top