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14 Dec, 2021 15:00

Iconic Vegas mega-resort sold for cool $1 billion

Iconic Vegas mega-resort sold for cool $1 billion

MGM Resorts International said on Monday it will sell the operations of the Mirage Hotel and Casino in Las Vegas to Hard Rock International for around $1.08 billion.

“As part of the team that opened the Mirage in 1989, I know firsthand how special it is, and what a great opportunity it presents to the Hard Rock team,” said MGM Resorts CEO and President Bill Hornbuckle. “I want to thank all of our Mirage employees who have consistently delivered world-class gaming and entertainment experiences to our guests for more than three decades,” he added.

The sale, which is expected to close in the second half of 2022, will likely deliver to MGM Resorts net cash proceeds of about $815 million after taxes and fees. The company will license the Mirage name and brand to Hard Rock royalty-free for up to three years while it finalizes its plans to re-brand the property.

Hard Rock said it plans to build a guitar-shaped hotel at the 80-acre (32.4-hectare) site.

“We look forward to the opportunity of enhancing our presence in Las Vegas, which will always be one of the most iconic entertainment markets in the world,” Hard Rock‘s Chairman Jim Allen said earlier.

The Mirage, which opened in 1989 and was acquired by MGM Resorts in 2000, is Las Vegas Strip’s first mega-resort. It is known for its entertainment options and 90-foot Strip-side volcano.

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