Las Vegas, NV (KXNT/PR Newswire) - MGM Resorts International announced Monday that it has closed on the sale of the operations of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash.
"Mirage employees have delivered unparalleled service and experiences over the past three decades, and we are forever thankful for their work to make The Mirage such an iconic, world-class destination," said Bill Hornbuckle, CEO & President, MGM Resorts International. "I'm excited for the opportunities that lay ahead for the property, its people and the entire Las Vegas Strip with this prime location now under Hard Rock's leadership. We're thrilled to welcome Hard Rock to the neighborhood and wish them all the very best."
"The closing of this transaction represents another important step in the pursuit of our long-term strategic objectives," said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International. "We plan to use the proceeds from this transaction to further advance our capital allocation strategy which includes maintaining a strong balance sheet, pursuing targeted growth opportunities and returning cash to our shareholders."
VICI, as the real estate owner of The Mirage will enter into a new lease agreement with Hard Rock.
According to the Mirage website, guests will not notice many changes initially. Major renovation and construction are expected to begin in 2023.
Under the terms of the agreement, MGM Resorts will retain The Mirage name and brand, licensing it to Hard Rock royalty-free for a maximum period of three years while it finalizes its plans to rebrand the property.