![]() ![]() 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’ The $2.2 billion MSG Sphere has seen its costs soar five years after breaking ground – as it now exceeds the cost of the $1.9 billion, 65,000-seat Allegiant Stadium used by the neighboring Las Vegas Raiders of the National Football League – yet the entertainment complex is still on track to open this September.James Dolan ‘locking in dates’ with Eagles for residency at Las Vegas Sphere: sources MSG’s 8-K report, released April 17 in conjunction with the sale, noted that “Proceeds from the sale are expected to be used for general corporate matters, as well as Sphere initiatives.” The New York Post reported in January that Dolan could be tempted to use the proceeds of the sale to close a $600 million construction budget shortfall for the MSG Sphere, a 580,000-square-foot, 17,500-seat, exosphere entertainment venue the firm is building in Las Vegas. MSG had initially acquired its controlling stake in Tao Group Hospitality in 2017 for $181 million.Īnd while MSG Entertainment seems to be downsizing by offloading Tao, the sale appears to be a calculated move on the part of the multibillion-dollar James Dolan -owned conglomerate. south of Manhattan.Īs part of a multiyear separation agreement, Tao Group Hospitality will still retain MSG Entertainment as a consulting and marketing partner. ![]() Founded in 2017 by hotel investor Mark Scheinberg, Mohari has already acquired the Peninsula Papagayo property in Costa Rica, a 2,200-acre luxury resort and development anchored by two luxury hotels a Four Seasons hotel in Centro Canalejas Madrid, the first Four Seasons in Spain and is an investor in the Waldorf Astoria Hotel in Miami, an upcoming 91-story, 205-room luxury tower that upon completion will be the tallest residential building in the U.S. The deal adds another attractive asset into Mohari’s growing portfolio of luxury hospitality properties. “Its global footprint of more than 80 branded locations in over 20 markets and best-in-class management infrastructure speaks to the group’s tremendous potential.” Allen Smith, managing partner of Mohari Hospitality, in a statement. ![]() ![]() “Tao Group has grown from an innovator in nightlife to a leader in premium lifestyle and hospitality,” said J. Tao Group Hospitality generated approximately $485 million in revenue in 2022, according to MSG Entertainment. Tao’s portfolio includes more than 80 branded locations across 20 cities – including LAVO restaurant and nightclubs in New York, Singapore and Los Angeles Hakkasan Mayfair Cantonese restaurants in London, Istanbul, Miami and Dubai Beauty & Essex restaurants in Las Vegas and New York and a number of namesake Tao restaurants in various American cities. Madison Square Garden Entertainment (MSG), which held a 70 percent majority stake in Tao Group Hospitality, is expected to pocket roughly $300 million in net proceeds from the sale, the company said in a statement. SEE ALSO: Meyers Group Nabs $38M to Build Lake Worth Apartments ![]()
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