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MGM Resorts To Sell The Mirage Hotel & Casino in $1.075B Deal

Hard Rock International has entered into an agreement to purchase the iconic Las Vegas hotel.

MGM Resorts International has entered into an agreement to sell The Mirage Hotel & Casino to Hard Rock International for $1.075 billion. The sales price includes the operating assets of the resort. Hard Rock will enter into a separate lease agreement with Vici Properties for the real estate property of The Mirage. The transaction is expected to close in the first half of 2022.

Under the terms of the agreement, MGM will retain The Mirage name and brand, and will license it to Hard Rock royalty-free for a maximum period of three years. During that time, Hard Rock plans to transform the property into iconic Guitar-shaped hotel. Last year, Hard Rock purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas and announced plans to bring a branded hotel to the Las Vegas Strip. This deal is that plan coming to fruition.

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Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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