Tao group nyc12/7/2023 The Company presents or hosts a broad array of events in its diverse collection of venues: New York’s Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre and The Chicago Theatre. (MSG Entertainment) is a leader in live entertainment. Madison Square Garden Entertainment Corp. (1) See below for the definition of adjusted operating income included in the discussion of non-GAAP financial measures and a reconciliation of operating income to adjusted operating income.Ībout Madison Square Garden Entertainment Corp. LLC served as financial advisor and Hughes Hubbard & Reed LLP served as legal advisor.įor Mohari Hospitality, Moelis & Company LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor. Effective as of the closing of the sale, the Company will enter into multi-year agreements with Tao Group Hospitality for ongoing consulting, marketing, and support services at Madison Square Garden and Sphere in Las Vegas.įor Tao Group Hospitality, equity holders of which include MSG Entertainment, Goldman Sachs & Co. The closing of the transaction is not conditioned on the receipt of financing. (1)Ĭompletion of the sale is subject to customary closing conditions. In fiscal 2022, Tao Group Hospitality generated approximately $485 million in revenue, $37 million in operating income, and $67 million in adjusted operating income. Since MSG Entertainment acquired a majority interest in 2017, Tao Group Hospitality has transformed into a global powerhouse in entertainment dining and hospitality, with a portfolio of over 80 branded locations in over 20 markets across four continents. Today’s announcement follows a successful bidding process with multiple parties. Upon completion of the sale of its majority interest, MSG Entertainment expects to receive net cash proceeds of approximately $300 million. The transaction is expected to close in May. (NYSE: MSGE) (“MSG Entertainment” or “Company”) today announced that it has agreed to sell its 66.9% majority interest in Tao Group Hospitality to Mohari Hospitality, a global investment company focused on the luxury lifestyle and hospitality sectors, in a transaction that values Tao Group Hospitality at $550 million. The conversation has been edited and condensed for clarity.NEW YORK-( BUSINESS WIRE)-Madison Square Garden Entertainment Corp. Menu highlights include Pain grillé au fromage (milk bread, truffle cheese, Iberico ham), King Salmon Pillows with avocado, serrano chili, and black sesame, and Caviar Service with an ounce of Golden Osetra and traditional garnishes. What can guests look forward to?ĭavey: Silver Lining will have an amazing food menu focusing on elevated small plates. Last but not least, let’s chat about the food. A dollop of bourbon adds a backbone of vanilla and caramel. The cocktail becomes its best self with the chocolatey, malty cocoa puff cereal and a lift of caraway from the aquavit. If you thought the espresso martini couldn’t get any better this is our rebuttal. They range from concept cocktails telling the story of an early 1900s ‘Trial of the Century,’ to melding childhood favorites with adult libations, to drinkable snapshots of movies, music, and places. We wanted to take a wide range of classics and add some playful twists, similar to Silver Linings modernizing a piano bar. Could you call out one must-try drink?ĭavey: This was such a fun menu to build. Midnight Breakfast from Silver Lining by Tao Group Hospitality Tao Group Hospitality Tell us what’s special about the cocktail menu. This place will be full of surprises, if you’re in the right place at the right time. Expect to see diverse local talent all the way to nationally and internationally touring artists. Hales: We are pulling musicians from all over New York City and Brooklyn as part of our residency program. The bar is a focal point, glowing with a playful arrangement of circular mirrors, each backlit with its own “silver lining.” How will the musicians be selected? A bespoke wallcovering designed from hand-drawn illustrations tells the neighborhood’s story through characters and places associated with the Bowery. Between the vaults an elaborate custom light fixture by New York artist Erin Lorek consists of hand-blown glass lenses on a serpentine iron frame. Vaulted ceilings that pay homage to downtown loft architecture create an interplay of shadow and light. In one corner sits a small stage with a piano and a perch for musicians and vocalists to provide live entertainment. How does Silver Lining look and feel?įlynn: It’s dimly lit and velvety, yet inviting and vibrant. Silver Lining by Tao Group Hospitality Michael Kleinberg Talk me through the design.
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