Hard Rock Completes Acquisition of The Mirage Hotel & Casino from MGM for $1.075b
Hard Rock International (HRI) received regulatory approval from the Nevada Gaming Commission for its acquisition of The Mirage Hotel & Casino from MGM Resorts International. HRI assumed operations control of the property as of 6 a.m. Monday, December 19. Under terms of the transaction, HRI paid $1.075 billion in cash for the operating assets of The Mirage Hotel & Casino. HRI entered into a long-term lease agreement with VICI Properties Inc. for the real estate property of The Mirage.
The 3,044-room casino resort will continue to operate as The Mirage Hotel & Casino until the renovation and rebranding of the property to the Hard Rock Hotel & Casino Las Vegas is complete. The process is anticipated to take an extended period, but ultimately will dramatically reimagine every aspect of the resort and change the Las Vegas skyline with the addition of a Guitar-shaped hotel tower adjacent to Las Vegas Blvd.
"Today, we'd like to officially welcome the 3,500 team members at The Mirage to the 45,000 global Hard Rock family and express our gratitude to the Nevada Gaming Control Board and the Nevada Gaming Commission for approving the gaming license for us to operate The Mirage Hotel & Casino," said Jim Allen, Chairman, Hard Rock International. "We are excited to create an integrated resort on The Strip that will make this legendary entertainment community proud."
Daily operations of the famed Las Vegas resort are set to continue under The Mirage brand for the foreseeable future, and all room reservations and group bookings will be honored with no action required by guests or group organizers. The Mirage will continue to offer world-class entertainment and dining options including, Cirque Du Soleil's The Beatles™ LOVE™ through 2023. There are no plans to close The Mirage or to lay off any of the team members as one media outlet incorrectly reported recently.
Casino players and guests will now enjoy Unity™ by Hard Rock, a global loyalty program unlike any other that will enable patrons to earn and redeem rewards at participating Hard Rock Hotels, Cafes, and Casinos around the globe.
Prior to 2020, Hard Rock International had no previous operational involvement with the former Hard Rock Hotel & Casino in Las Vegas at the off-strip location. HRI purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas in May 2020 and vowed to bring the iconic brand to the Las Vegas Strip when the right opportunity presented itself.
Hard Rock expects to release details of the rebranded and reimagined resort, its new features and attractions, and development timeline at the end of 2023. Barclays served as exclusive financial advisor to Hard Rock International in connection with the transaction, and Jones Day served as legal advisor to Hard Rock International together with Fox Rothschild LLP and McDonald Carano LLP as special gaming counsel. Find more information and renderings here.
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