Hard Rock International has announced the acquisition of The Mirage Las Vegas and Casino from MGM Resorts International. As a result of this purchase, a trademark Hard Rock oversized electric guitar structure will be built on the Strip.
The final sale is still subject to regulatory approvals.
Hard Rock will be paying $1.075bn in cash for the operating assets of The Mirage. The real estate on which the site sits will be leased to Hard Rock on a long-term basis after an agreement with VICI Properties Inc.
Barclays Bank will serve as financial advisor to Hard Rock through the acquisition and Jones Day will serve as legal advisor.
The move signals a robust round of expansion for Hard Rock, which now has 249 locations in 67 countries. Additionally, in 2020 the Hard Rock International group purchased the naming rates to the Hard Rock Hotel & Casino in Las Vegas, making it only a matter of time before it left its mark on the Strip.
That time has now come, and soon visitors to Sin City will see the towering guitar edifice – shaped like a Gibson Les Paul – looming over them. It will likely be uncannily similar, though possibly slightly larger, to the one currently erected in Hollywood, Florida.
Jim Allen, Chairman of Hard Rock International, welcomed the news and hinted at some of construction plans for the site: “We are honored to welcome The Mirage’s 3,500 team members to the Hard Rock family. 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.”
