MGM Resorts completes operations sale of The Mirage to Hard Rock International
Hard Rock’s well-documented takeover of the Las Vegas casino has been completed for $1.075bn in cash.
Hard Rock International has formally completed the purchase for the operations of The Mirage Hotel & Casino from MGM Resorts for $1.075bn in cash.
The well-documented takeover has been the subject of much contention in recent weeks, with the Las Vegas Journal reporting that Hard Rock plans to close the property in late 2023 or early 2024 to completely rebuild the iconic casino.
According to these reports, the casino wouldn’t reopen until 2025 or 2026.
However, Hard Rock swiftly refuted these claims, saying the property would not fully close or be fully rebuilt despite its extensive plans to renovate the property.
Hard Rock’s planned renovations will see The Mirage’s 94,000 square-foot casino floor expanded to 174,000 square feet, and 836 new slot machines installed.
Its tenure will also see it remove The Mirage’s iconic volcano feature in place of a large Hard Rock-themed guitar.
Speaking on the sale of The Mirage, MGM Resorts CEO & President Bill Hornbuckle said: “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.
“I’m excited for the opportunities that lie 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.”
Under the terms of the sale, the real estate owner of The Mirage, VICI, will enter into a new lease agreement with Hard Rock.
Per the deal, MGM Resorts will retain The Mirage’s name and brand and license it to Hard Rock royalty free for a maximum period of three years, when Hard Rock plans to rebrand the property.
Although it has refuted claims that Las Vegas’ casino destination will close, there is still some skepticism regarding the detailed plans for The Mirage’s renovations.
With such expansive reconstruction plans announced, will it be possible for Hard Rock to maintain the original Mirage spirit?
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