Hospitality and entertainment company Hard Rock International has agreed to acquire the operations of the Mirage Hotel and Casino from MGM Resorts International. Bill Hornbuckle, president and CEO of MGM, had recently noted during an earnings call the company's intentions to sell the storied Las Vegas Strip resort.
Hard Rock will pay $1.075 billion in cash for the operating assets, subject to customary working capital adjustments, and enter into a long-term lease agreement with VICI Properties for the building's real estate. Plans call for a guitar-shaped hotel to be built on-site.
“We are honored to welcome the Mirage’s 3,500 team members to the Hard Rock family,” said Jim Allen, chair of the company. “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."
Hard Rock International purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas in May 2020, when the former Hard Rock was rebranded as Virgin Hotels Las Vegas. The company had intended to bring the iconic brand to the Strip when the opportunity presented itself.
MGM now has the ability to invest more heavily in its other Las Vegas properties. "This transaction is a significant milestone for MGM Resorts, and for Las Vegas," said Hornbuckle. "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."