LAS VEGAS — Hard Rock International has agreed to acquire the operations of The Mirage Hotel and Casino in Las Vegas for more than $1 billion. The transaction is expected to close in the second half of 2022.
Hard Rock also revealed that it plans to build a guitar-shaped hotel, which will be located on the Las Vegas Strip. When complete, Hard Rock Las Vegas will be a fully integrated resort welcoming meetings, groups, tourists and casino guests across its nearly 80-acre location, according to Jim Allen, chairman of Hard Rock.
The seller, MGM Resorts International (NYSE: MGM), acquired The Mirage in 2000. The property originally opened in 1989 and is known for its 90-foot volcano. MGM is selling to focus on other opportunities, such as sports betting and expansion in Asia.
“This announcement marks the culmination of a series of transformational transactions for MGM during the last several years,” says Paul Salem, chairman of the board of directors for MGM. “The monetization of our entire real estate property portfolio, together with the addition of CityCenter and our agreement to acquire The Cosmopolitan of Las Vegas, will position the company with a fortress balance sheet, premier portfolio and significant financial resources to pursue our strategic objectives.”
Hard Rock will enter into a long-term lease agreement with VICI Properties Inc. for the real estate of The Mirage. Hard Rock purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas in May 2020.
Hard Rock operates venues in 67 countries spanning 249 locations. The MGM Resorts portfolio encompasses 32 hotel and gaming destinations across the globe. MGM’s stock price opened at $41.12 per share Wednesday, Dec. 15, up from $30.76 per share one year ago.
— Kristin Hiller