Billionaire James Dolan has quietly moved to auction off the upscale Tao nightclub and restaurant chain — a move that insiders said looks like a desperate bid to fund the ballooning tab for a costly project in another arm of his entertainment empire, The Post has learned.
Houston Rockets and Golden Nugget Casino owner Tilman Fertitta is a rumored suitor for Tao, one of the sources said. Nevertheless, insiders say Dolan wants a premium price well above Morgan Stanley’s valuation as Tao expands beyond its New York City and Las Vegas base to the Middle East and Miami. The source believes Dolan needing money to fund The Sphere might take a more reasonable price, although the source added that Dolan has a history of exploring and then canceling auctions.
Houston Rockets and Golden Nugget Casino owner Tilman Fertitta is a rumored suitor for Tao, sources said.Last year, Tao Group paid $99 million to acquire Hakkasan Group — a global chain of upscale restaurants and clubs with outposts in London, Las Vegas the Middle East and Asia — a deal that was generally considered to be shrewd and lucrative, sources said.
Sell the Knicks!
Tao isn’t the thing he should be selling first. (Teams, Arenas come to mind first)
Do the Knicks next