MGM Growth is in the process of merging with Vici Properties. Hard Rock will pay rent to MGM Growth Properties, a real estate investment trust that owns the Mirage land. MGM is the largest operator of casinos in America’s gambling capital. MGM is in the process of acquiring the higher-end Cosmopolitan Las Vegas, and Chief Executive Officer Bill Hornbuckle has said he wants to reduce the company’s exposure to Las Vegas.
It’s known for the faux volcano out front that erupts nightly, as well as its dolphin and tiger attraction. The Mirage, built by casino mogul Steve Wynn, opened in 1989. The company has been looking for a casino on the Strip, the center of Las Vegas nightlife, for a while.
There was a Hard Rock casino located off the Strip for a number of years that is now owned by Virgin Hotels. The deal represents a major expansion for the Hard Rock brand, which is owned by Florida’s Seminole tribe. MGM expects to net $815 million after taxes and fees from the sale, which is expected to close in the second half of next year, according to a statement Monday. Hard Rock will lease the Mirage name royalty-free for three years. (Bloomberg) - Hard Rock International is buying the Mirage Hotel & Casino from MGM Resorts International for $1.08 billion, giving the Florida-based casino chain a prominent place on the Las Vegas Strip.
