(Bloomberg) -- Mark Scheinberg, the billionaire cofounder of online gambling firm PokerStars, is in advanced talks to acquire the owner of the Hakkasan restaurant chain from Madison Square Garden Entertainment Corp., people with knowledge of the matter said. 

Scheinberg’s investment firm Mohari Hospitality Ltd. is poised to beat out rival bidders for the restaurant and night club business, known as Tao Group Hospitality, according to the people. A deal could be valued at about $550 million, the people said, asking not to be identified because the information is private. 

MSG Entertainment said in February it was exploring the potential sale of its majority stake in Tao Group, which it acquired in 2017. The company has more than 70 outlets in 20 markets, including the stylish Hakkasan chain of upscale Chinese restaurants. 

It also runs Italian eateries under the Lavo brand name, as well as Omnia and Marquee night clubs and Beauty & Essex restaurants. 

Scheinberg started Mohari after making a fortune when his family sold the owner of PokerStars and Full Tilt Poker to Amaya Gaming Group Inc. for $4.9 billion in 2014. The investment firm brought on industry heavyweights like Managing Partner J. Allen Smith, the former chief executive officer of Four Seasons Hotels & Resorts. 

Mohari’s portfolio includes investments in the Peninsula resort in Papagayo, Costa Rica, the Waldorf Astoria Hotel in Miami, the Four Seasons Private Residences in Washington, DC, and a Ritz Carlton-branded cruise line. 

Representatives for Mohari and MSG Entertainment declined to comment. 

(Updates with background on Scheinberg’s dealmaking in fifth paragraph)

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