MGM Resorts Is Selling the Mirage to Hard Rock for $1.1 Billion
Photo Credit: A rendering shows Hard Rock International plans to build a guitar-shaped hotel on the site of The Mirage while rebranding the original hotel tower. Hard Rock International
Skift Take
The Mirage is a casualty in MGM Resorts's ongoing push into online gaming and high-end casino resort operations — no real estate ownership required.
MGM Resorts is selling The Mirage Hotel and Casino to Hard Rock International for $1.075 billion in cash.
The hospitality and entertainment brand said Monday night that it will enter into a long-term lease agreement with VICI Properties Inc. for the real estate property of the hotel. MGM Resorts CEO William Hornbuckle revealed during the company's third quarter earnings call early last month that a sales exploration for The Mirage, one of the long-time staples of the company's Las Vegas Strip portfolio, was underway.
Hard Rock plans to build an iconic guitar-shaped hotel on the property while rebranding the original Mirage hotel tower.
"This transaction is a significant milestone for MGM Resorts, and for Las Vegas," Hornbuckle said in a statement. "As part of the team that opened The Mirage in 1989, I know firsthand how special it is, and what a great opportunity it p
