MGM Resorts International announced it has agreed to sell the operations of The Mirage Hotel & Casino to Hard Rock International for the price of $1.075 billion in cash. The transaction is expected to close in the second half of 2022. Hard Rock plans to build the iconic Guitar-shaped hotel.
“This transaction is a significant milestone for MGM Resorts, and for Las Vegas,” said Bill Hornbuckle, CEO & President, MGM Resorts International. “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.”
The Mirage is the iconic property, located at the heart of the Las Vegas Strip, opened in 1989. It was later acquired by MGM Resorts in 2000. The Mirage is known worldwide for its 90-foot volcano, Siegfried & Roy’s Secret Garden and Dolphin Habitat, and other dynamic entertainment options.
Hard Rock International, one of the most globally recognized companies, had no previous involvement with the Hard Rock Hotel & Casino in Las Vegas. Previous operations of The Hard Rock Hotel were sold to billionaire Richard Branson’s Virgin Hotels and partners.
In May 2020, they purchased the licensing and naming rights, vowing to bring back the iconic brand to the Las Vegas Strip with the right opportunity presented itself.
“We are honored to welcome The Mirage’s 3,500 team members to the Hard Rock family,” said Jim Allen, Chairman of Hard Rock International. “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.”
