Hard Rock to Acquire Vegas’ Mirage from MGM for $1 Billion
by Daniel McCarthy /Photo: Hard Rock International
The post-COVID-19 transformation of Las Vegas added another chapter on Monday night when MGM announced that it had reached an agreement to sell the Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash.
With the deal, another iconic Las Vegas strip property transfers hands, and the MGM Vegas stable undergoes another change—less than three months ago, MGM agreed to buy the operations of the Cosmopolitan.
With that deal, MGM owned the Bellagio, MGM Grand, ARIA, Mandalay Bay, New York-New York, Park MGM, and more, all operating on the Vegas strip, but the news from Monday shrinks that list by one with the removal of The Mirage.
In a statement, CEO and president Bill Hornbuckle said that selling the property, which was built by Steve Wynn in 1989, was a bittersweet moment for him.
"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 deal is a long time coming for Hard Rock International (HRI), which had no previous involvement with the Hard Rock Hotel & Casino in Las Vegas until it purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas in May 2020. The plan now is for The Mirage to join the Hard Rock portfolio after a renovation into a guitar-shaped hotel along the strip.
"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."
