Shortly after the Dubai government bought a 50 percent stake in MGM Mirage’s $9.2 billion CityCenter, an investment firm from Dubai acquired a 50 percent stake in Las Vegas-based Light Group.

Light Group manages a number of nightclubs and restaurants at resorts on the Strip, but Zabeel Investments says there is much more potential for the company.

“It’s not about a company that is going to put a restaurant here or there,” said Mohammed Ali Al Hashimi, head of Zabeel. “It is about a company that has the potential to be the next major hospitality company in the world.”

Al Hashimi said he wants to help grow Light Group into an international hotel brand, starting with the Harmon Hotel, a component of CityCenter. Zabeel will get access to Light Group’s knowledge and Las Vegas experience, while Light Group will get financial support to expand.

Light Group founder Andrew Sasson noted the similarities between Las Vegas and Dubai: both grew quickly in unlikely locations because of big dreams and big bank accounts.

“Dream it, live it, build it,” Sasson said. “That is Vegas. Dubai is exactly the same.”

With new access to financing, Sasson plans to lead the company into somewhat uncharted waters: marketing to the youth.

“The majority is us,” he said. “The minority is the baby boomers because they are disappearing. We are the market for the next 20 years. But, unfortunately, the decision-makers are mostly the baby boomers.”

By Casino Connection Staff

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