If you thought the Hakkasan Group was showing signs of slowing down, think again.
At the recently Nightclub and Bar Show held in the Las Vegas Convention Center, CEO Neil Moffitt outlined a path that included opening thirty new venues over the next three years. This would include new restaurants and nightclubs located around the world, expanding their reach and turning them into the global nightlife leader.
Neil has reason to be optimistic. Since being hired in 2013, the enthusiastic CEO has taken the company from relative obscurity to earning $500 million a year. Hakkasan Group is currently in control of about sixty venues, including at least a dozen in Las Vegas. With the overwhelming success of their flagship Hakkasan Nightclub, along with Wet Republic and Omnia Nightclub, the group sees an opportunity to not only introduce their brand of party to new locations, but also increase their annual revenue by 50%.
The CEO may be on to something, as Hakkasan managed to beat its revenue forecast by $7 million by putting more emphasis on social media and focusing less on traditional advertising. In fact, Neil bragged that they were able to save $9 million by cutting back on billboards and magazines.
Neil also talked about competing with their bitter rival -- Wynn Nightlife. "When we fight the guy down the street, all we do is chip away at our margin," he explained. While he may have been half-joking, there's some truth in his statement. Wynn and Hakkasan have been going back and forth battling over the world's top DJs.
But I wouldn't feel too bad for the Hakkasan CEO, as this year's residency lineup includes Calvin Harris, Tiesto, Porter Robinson, Hardwell, Kaskade, Steve Aoki and even Puff Daddy.
April is going to be a big month at Hakkasan, with Tiesto on the 1st and 20th, Zedd hosting the anniversary weekend on the 7th, Above & Beyond on the 9th, Lil Jon on the 15th and 29th, and Kaskade on the 22nd.
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