Online Poker Billionaire Mark Scheinberg in Talks to Acquire Hakkasan Owner

4 months ago
Online Poker Billionaire Mark Scheinberg in Talks to Acquire Hakkasan Owner
30 May

Mark Scheinberg, the billionaire co-founder of PokerStars, is in advanced talks to acquire the owner of Michelin-starred London restaurant Hakkasan, Tao Group, through his investment firm Mohari Hospitality. The deal is estimated to be valued at around $550 million.

Tao Group owns Hakkasan and Yauatcha in London, as well as several restaurants in New York, Las Vegas, Chicago, Los Angeles, Singapore, and Dubai. Hakkasan opened its doors for business in 2001, soon winning its first Michelin star which it has held for 20 years. Later in 2010 another branch was opened in glitzy Mayfair which won another star in 2012.

Yauatcha Soho opened in 2004, with the City location in Broadgate Circle following later. In addition to the Hakkasan chain of upscale Chinese restaurants, Tao Group also runs some Italian restaurants called Lavo. The firm operates more than 70 businesses in 20 different markets.

Madison Square Garden Entertainment Corp. (MSG Entertainment) acquired a majority stake in Tao Group in 2017 and announced in February that it was exploring the potential sale of its stake. Scheinberg co-founded PokerStars with his father, Isai Scheinberg, in 2001. The company became the world's largest online poker business and hosted the world's largest online tournament series.

In 2014, the Scheinberg family exited the online gambling industry, offloading its PokerStars brand to Canadian investment group Amaya Gaming for $4.9 billion. After selling PokerStars, Scheinberg started Mohari Hospitality, an investment firm focused on real estate and luxury hospitality.

If the deal goes through, Scheinberg's Mohari Hospitality will acquire Tao Group, which had previously bought Hakkasan in 2021.

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Mark from London in the UK is a professional cash game player, and part time journalist. A massive chess fan and perpetual traveller.Read more


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