Hard Rock receives NGCB approval for The Mirage acquisition
Hard Rock International has been awarded regulatory approval from the Nevada Gaming Control Board to complete its $1.08bn purchase of the Las Vegas casino.
US.- Hard Rock International has received regulatory approval from the Nevada Gaming Control Board (NGCB) to complete its $1.08bn acquisition of The Mirage Hotel and Casino, Las Vegas. The firm reiterated that it would not immediately close the venue and that any move to do so would not take place until 2024.
The firm expects to transform The Mirage into the Hard Rock Hotel & Casino Las Vegas. Renovation plans will be disclosed in 2023 as Hard Rock continues to develop its strategy for the $1.08bn purchase. Future plans detail that Hard Rock will start its renovation work in 2024.
James Allen, chairman of Hard Rock International said: “Today, we’d like to express our gratitude to the Nevada Gaming Control Board and the Nevada Gaming Commission for approving the gaming license for us to operate The Mirage Hotel & Casino. We are eager to finalize the purchase of The Mirage and look forward to welcoming the 3,500 team members to the Hard Rock family soon.”
Last week, Hard Rock International announced a deal to purchase the operation of the famous Las Vegas Strip casino The Mirage from MGM for $1.08bn in cash. The deal forms part of its long-term plan to build Hard Rock Las Vegas with a guitar-shaped hotel on the Strip.
MGM Resorts will retain the Mirage name and brand, licensing it to Hard Rock royalty-free for up to three years while Hard Rock prepares to rebrand the property under the Hard Rock name.
The Mirage, which opened on the Las Vegas Strip in 1989, has been an emblematic property on the strip. In 2000, the operator previously known as MGM Grand paid $4.4bn to acquire the company, then known as Mirage Resorts. The Bellagio, Treasure Island, a 50 per cent stake in the Monte Carlo and other Nevada gaming venues as well as casinos in Australia, Detroit and Mississippi were also included in that deal.
Nevada reports $1.28bn in gaming revenue for October
The Nevada Gaming Control Board (NGCB) reported that the state’s casinos generated $1.28bn in gaming revenue in October. That’s an increase of 4.8 per cent year-on-year and 3 per cent from September. Revenue from July 1 to October 31 was up 3 per cent.
Clark Country generated $1.1bn, up 4.5 per cent from the prior-year period. Within Clark County, Las Vegas Strip revenue was up 0.52 per cent year-on-year to $705.8m. Downtown and Boulder Strip revenue amounted to $90.4 and $80.3m respectively, also up year-on-year.
