Las Vegas, NV (KXNT/PR Newswire) - MGM Resorts International announced on Monday that it has reached an agreement to sell the operations of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash.
"This transaction is a significant milestone for MGM Resorts, and for Las Vegas," said Bill Hornbuckle, CEO & President, MGM Resorts International.
"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.
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."
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.
The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions.
The Mirage opened in 1989 and was acquired by MGM Resorts in 2000.