Hard Rock International buying The Mirage operation in Vegas

LAS VEGAS – Hard Rock International said Monday it wants to spot however a guitar-shaped edifice volition play astatine the bosom of the Las Vegas Strip.

In what MGM Resorts International CEO and President Bill Hornbuckle called “a important milestone for MGM Resorts and for Las Vegas,” the companies announced MGM Resorts volition merchantability operations of The Mirage to Hard Rock International successful a currency woody worthy astir $1.1 billion.

In a statement, Hard Rock Chairman Jim Allen said the Florida-based hospitality and amusement elephantine plans to physique a guitar-shaped edifice astatine the 80-acre (32.4-hectare) property. An artist's rendering depicts a shapely purple guitar with six airy beams depicting strings stretching skyward.

Ad

It wasn't instantly wide if the iconic Mirage volcano fountain volition stay astatine the spot that erstwhile casino mogul Steve Wynn opened with a Polynesian taxable successful November 1989. MGM Resorts acquired the 3,000-room edifice successful 2000.

The underlying Mirage existent property is present owned by MGM Growth Properties, which is being bought by New York-based VICI Properties successful a $17.2 cardinal woody expected to adjacent adjacent year.

“This announcement marks the culmination of a bid of transformational transactions for MGM Resorts during the past respective years,” said Paul Salem, Chairman of the MGM Resorts committee of directors.

“The monetization of our full existent spot portfolio, unneurotic with the summation of CityCenter and our statement to get The Cosmopolitan of Las Vegas, volition presumption the institution with a fortress equilibrium sheet, premier portfolio and important fiscal resources to prosecute our strategical objectives," helium said.

Ad

Jonathan Halkyard, MGM Resorts treasurer and main fiscal officer, said that arsenic the existent property proprietor of The Mirage, VICI volition beryllium expected to scope a caller lease statement with Hard Rock.

Allen said Hard Rock International volition invited The Mirage’s 3,500 employees to its roster.

He noted that his institution had nary erstwhile engagement with the erstwhile Hard Rock Hotel & Casino that operated from 1995 to 2020 eastbound of the Las Vegas Strip. That spot was purchased successful 2018 and renovated and rebranded by Virgin Hotels Las Vegas with a gambling level operated by Mohegan Sun Casino.

Hard Rock International bought the naming rights successful May 2020 with plans to yet unfastened a Las Vegas Strip property.

Under the presumption of the agreement, MGM Resorts volition support The Mirage sanction and brand, licensing it to Hard Rock royalty-free for up to 3 years portion it finalizes its plans to rebrand the property.

The transaction is expected to adjacent successful the 2nd fractional of 2022, pursuing regulatory approvals.

Ad

The merchantability is 1 of respective involving MGM Resorts successful caller months connected Las Vegas Boulevard. The institution presently operates 13 hotel-casino properties successful Las Vegas and 32 worldwide.

The Las Vegas-based institution said successful July it would bargain retired its spouse successful the sprawling CityCenter improvement for $2.1 billion, instrumentality power of The Aria and Vdara resorts, and lease the spot to New York backstage equity steadfast Blackstone Group for astir $3.9 billion.

MGM Resorts announced successful September it volition bargain operations of The Cosmopolitan of Las Vegas for $1.6 cardinal from Blackstone. That is portion of a $5.65 cardinal woody to enactment ownership of the 3,000-room Cosmopolitan successful hands of the Cherng Family Trust, headed by Panda Express billionaires Andrew and Peggy Cherng; existent property concern steadfast Stonepeak Partners; and a Blackstone existent property fund, Real Estate Income Trust Inc.

For copyright information, cheque with the distributor of this item, Las Vegas Review-Journal.