The world-famous guitar will be coming back to Las Vegas, this time directly on The Strip. Hard Rock International has reached an agreement to acquire the operations of The Mirage Hotel and Casino in Las Vegas from MGM Resorts International.
Hard Rock will be paying $1.075 billion in cash to operate The Mirage’s assets. Hard Rock will lease The Mirage’s name royalty-free for three years, according to a statement by the company.
The brand will also enter into a long-term lease agreement with real-estate investment trust Vici Properties for the land on which The Mirage sits. Earlier this year Vici Properties went into agreement to acquire MGM Growth Properties for $17.2 billion. When the transaction is completed, expected early 2022, Vici will have ownership of MGP’s mostly Las Vegas-based properties.
Hard Rock Hotel & Casino’s previous location just off The Strip was sold by Brookfield Asset Management to Richard Branson’s Virgin Hotels. After undergoing major renovations, the property reopened as Virgin Hotels Las Vegas. It wasn’t until May 2020 that Hard Rock International procured the license and naming rights for Hard Rock Hotel and Casino Las Vegas, which it purchased from Jupiter Capital Partners.
“This transaction is a significant milestone for MGM Resorts, and for Las Vegas,” says Bill Hornbuckle, chief executive and president of MGM Resorts, in a press release. “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.”
A construction date has yet to be announced but when the company does begin, its plan is to build its iconic guitar-shaped property that the brand is so well known for.
The sale is expected to close in the second half of 2022.