Hard Rock International Agrees To Purchase The Mirage For $1B Plus
MGM has agreed to sell The Mirage Hotel and Casino in Las Vegas, NV, to Hard Rock International for $1.075 billion, according to multiple reports.
After taxes and fees are finalized, MGM estimated that it would receive net cash proceeds of $815 million, according to MSN. The publication noted that as part of MGM’s master lease in Las Vegas, the property’s annual rent will also be reduced by $90 million and the brand will license the Mirage name for the next three years while the redevelopment is finalized.
Hard Rock reportedly has plans to rebrand the property into a guitar-shaped, music-themed hotel reminiscent of many of the brand’s other locations