MGM Resorts sells The Mirage to Hard Rock for $1bn
Hard Rock International has reached a deal to acquire the Mirage Hotel & Casino in Las Vegas from MGM Resorts International for $1.08bn in cash.
US.- Hard Rock International has 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.
MGM CEO Bill Hornbuckle revealed that MGM Resorts International was in the initial stages of selling The Mirage’s operations last month. The acquisition is subject to regulatory approvals and other customary closing conditions and is expected to close in the second half of 2022. The property will continue to be owned by the real estate investment trust Vici Properties, which will lease it to Hard Rock.
Jim Allen, chairman of Hard Rock International, said: “We are honoured to welcome The Mirage’s 3,500 team members to the Hard Rock family. When complete, Hard Rock Las Vegas will be a fully integrated resort welcoming meetings, groups, tourists and casino guests from around the world to its nearly 80-acre center-Strip location.”
MGM Resorts chief financial officer and treasurer Jonathan Halkyard said: “This is a fantastic outcome for the company, as we are able to re-prioritize future capital expenditures toward opportunities that will enhance the customer experience at our other locations in Las Vegas.”
Vici Properties president and chief operating officer John Payne added: “By working collaboratively with MGM Resorts to sell the Mirage operations we are able to grow our pre-existing partnership with Hard Rock as they expand their gaming operations onto the Las Vegas strip, the most economically productive street in America.”
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.
