Las Vegas Weekly

September 22, 2010 · 12:25 PM

Is new takeover deal of Las Vegas nightclubs on the horizon?

By Robin Leach

Kid Cudi performs at Pure in Caesars Palace.

Photo: Bob Burchess/Pure Management Group

Solid rumors of a new major nightclub takeover erupted through the evening after daylong, closed-door meetings yesterday with bankers and financial partners. Two inside sources I reached at 6 a.m. today confirmed, “It’s a done deal.” I’m reliably told to expect the official announcement within the next 48 hours now that all legal hurdles have been overcome. Full details are scarce, but it’s another Las Vegas nightlife stunner.

The incredible multimillion-dollar business transaction reportedly has the fast-growing Angel Management Group taking over Pure Management Group’s clubs and restaurants. Coincidentally, many former managers and executives from Pure now work at Angel.

Angel, which already runs Wet Republic at MGM Grand and Moorea Beach Club at Mandalay Bay, has in recent weeks also taken over Vanity and Rehab at the Hard Rock Hotel. It’s been a very rapid expansion, and now Angel would pick up Pure at Caesars Palace, LAX and Noir Bar at the Luxor, plus other Las Vegas properties and restaurants in the multimillion buy.

Ever since a major IRS raid at Pure involving cash tips for entrance to the nightclub and for better VIP tables inside, it’s long been rumored that Pure Management Group was “up for sale.” Although there are Las Vegas residents in executive and management positions at Pure, and Celine Dion and Andre Agassi were among its celebrity investors, it has reportedly been controlled by a Beverly Hills, Calif., investment bank that has long wanted out of the Las Vegas nightlife scene.

One San Diego nightlife mogul who oversaw clubs in Orange County and Los Angeles bid $75 million in cash, plus a $25 million long-term payout, in an attempt to acquire Pure last year, but his terms were rejected. In recent weeks, there have been several executive changes and departures at Pure Management Group.

Angel is led by British-born Neil Moffitt, who first arrived in Las Vegas in 2004 to run Ice nightclub and along with his star DJ Tiesto was featured on Spike TV’s reality TV series The Club. Angel, headquartered in Henderson, has taken over nightlife operations at MGM Grand, including Wet Republic.

The company this year also took over Moorea at Mandalay Bay in addition to the Hard Rock Hotel venues. Angel, which is in worldwide business ventures with Live Nation, also serves as a consultant to Ameristar Casinos and owns nightclub operations in Miami.

Vegas DeLuxe will continue to monitor this developing story and the changes expected to now take place at Pure and LAX.

Robin Leach has been a journalist for more than 50 years and has spent the past decade giving readers the inside scoop on Las Vegas, the world’s premier platinum playground.

Follow Robin Leach on Twitter at Twitter.com/Robin_Leach.

Follow Vegas DeLuxe on Twitter at Twitter.com/vegasdeluxe.

Follow VDLX Editor Don Chareunsy on Twitter at Twitter.com/VDLXEditorDon.

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