Las Vegas Weekly

September 29, 2010 · 10:29 AM

Angel Management Group agrees to purchase Pure Management Group

By Robin Leach

David Katzenberg, Paris Hilton and Nicky Hilton at Pure in Caesars Palace on June 12, 2010.

Photo: Edyta Sokolowska/Pure Management Group

Las Vegas-based global nightlife and lifestyle company Angel Management Group announced this morning an agreement to buy Pure Management Group, making AMG the largest nightlife company in Las Vegas. Upon completion of the deal, AMG assumes operation of all nine PMG entities, including Pure at Caesars Palace, LAX at the Luxor and Social House at MGM CityCenter’s Crystals.

Vegas DeLuxe first reported the takeover last week. The transaction is believed to be a nearly $100 million deal, and although Las Vegas investors, including Celine Dion, Andre Agassi and Robert Frey, started PMG, a Hollywood investment bank and hedge fund that controlled the company in recent months had wanted it sold.

The L.A. money managers had originally gotten involved when they loaned PMG more than $30 million for LAX. Pure, LAX and Tangerine at Treasure Island had been hurt by the sluggish economy and heavy competition from Victor Drai’s Tryst and XS at Steve Wynn’s resort properties. (Tangerine closed in 2008 and became Christian Audigier, which was shuttered this month.) Pure and LAX also were the subject of IRS raids and continuing investigations over accusations of massive unreported cash tips for patrons to gain admission and better VIP seating.

Combining PMG’s established venues with AMG’s existing operations instantaneously strengthens AMG’s position in Las Vegas’ nightlife and scene. With a proven track record for successful venue operation, management and promotions, AMG will accelerate its growth to further provide guests with top-notch experiences.

“I’m extremely excited to be in a position to join together our collective assets and teams in order to create the largest nightlife company in Las Vegas, and along with it an exciting future for everyone involved,” Neil Moffitt, AMG’s CEO, said in a statement. “Our first priority will be to expand upon the success of our current venues and develop our existing brands in other territories, followed by the launch of several new Las Vegas venues in 2011.”

Since 2005, AMG has built a reputation for consistently running innovative marketing and promotional campaigns. These efforts, along with AMG’s knowledge and understanding of consumer and lifestyle trends, continues to keep the company ahead of the curve when it comes to hosting A-list celebrities, showcasing internationally renowned DJs and creating superior special events.

A leader in Las Vegas, AMG currently handles marketing, promotions, VIP services and event programming for more than half a dozen properties here, including Wet Republic, Tabu Ultra Lounge and Studio 54 at MGM Grand; Moorea Beach Club, Mix Lounge and Eye Candy at Mandalay Bay; and Rok Vegas at New York-New York.

AMG also is the management company for the HRH Beach Club, which includes Rehab, and handles all marketing and VIP services for Vanity, both at the Hard Rock Hotel. The acquisition of PMG expands the company portfolio, as AMG assumes operation of Pure and Venus Pool Club at Caesars Palace; LAX, Noir Bar and Company Lounge at Luxor; Social House; Coyote Ugly at New York-New York; Dick’s Last Resort at Excalibur; and Aura Nightclub at Atlantis (Paradise Island, Bahamas).

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.

Share This