HAKKASAN
the group’s business through mergers and acquisitions, including a majority stake in high-end nightlife and restaurant operator H. Wood Group, told the crowd that consolidation will help industry profits.
“When we fight the guy down the street, all we do is chip away at our margin,” he said, adding, half-jokingly, that he has been battling with Steve Wynn for five years. Steve Wynn owns the Wynn Las Vegas and Encore, which run popular clubs XS, Surrender and Encore Beach Club.
Wynn and Hakkasan have battled for the world’s top DJ talent over the years.
Moffitt said Hakkasan beat its rev- enue forecast last year by $7 million by focusing more on social media. The company has invested in social media specialists and trimmed traditional advertising like billboards and magazines by $9 million.
“Direct marketing through social media is one of the most powerful things you will ever get your hands on,” he said.
The British-born executive said he is budgeting for revenue growth this year in Las Vegas even though visitation may remain flat. Hakkasan’s Las Vegas revenues are up about 6 percent in the first quarter, he said.
Moffitt said the next stage of development for Las Vegas nightlife will be establishments like the high-end, 1920s-styled Los Angeles restaurant and lounge Delilah, owned by H. Wood Group.
“That is going to become the future, where we really combine food and beverage with atmosphere and late-night experience,” he said. “It’s creating the early money, to the mid money and late money.”
Hakkasan Group’s current restaurant portfolio includes Hakkasan, with 11 locations worldwide, Ling Ling, Yauatcha, HKK, Sake no Hana, Herringbone and Searsucker. Under the nightlife/daylife umbrella of brands are Hakkasan Nightclub, Wet Republic, OMNIA and Jewel.
Hakkasan Group is fully owned by Alliance International Investments LLC, an investment company out of Abu Dhabi.
The group has headquarters in London and Las Vegas. Contact Todd Prince at 702 383-0386 or tprince@ reviewjournal.com. Follow @toddprincetv on Twitter.