MGM Resorts has announced it is selling The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash. It is Hard Rock’s first step in expanding its Vegas footprint.
"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.”
Hard Rock plans to build a guitar-shaped hotel along the Las Vegas strip. According to USA Today, the company hinted at expanding its portfolio along the iconic Las Vegas neighborhood, and purchased the rights to the Hard Rock's brand and related trademarks in Las Vegas from Juniper Capital Partners in 2020.
"We look forward to the opportunity of enhancing our presence in Las Vegas, which will always be one of the most iconic entertainment markets in the world," Hard Rock International Chairman Jim Allen said back in MAY 2020.
