Hard Rock International (HRI) has received regulatory approval from the Nevada Gaming Commission for its acquisition of The Mirage Hotel & Casino from MGM Resorts International. HRI assumed operations control of the property as of 6 a.m. Dec. 19. Under terms of the transaction, HRI paid $1.075 billion in cash for the operating assets of The Mirage Hotel & Casino. HRI entered into a long-term lease agreement with VICI Properties Inc. for the real estate property of The Mirage.
The 3,044-room casino resort will continue to operate as The Mirage Hotel & Casino until the renovation and rebranding of the property to the Hard Rock Hotel & Casino Las Vegas is complete. The process is anticipated to take an extended period, but ultimately will dramatically reimagine every aspect of the resort and change the Las Vegas skyline with the addition of a guitar-shaped hotel tower adjacent to Las Vegas Blvd.
Daily operations of the Las Vegas resort are set to continue under The Mirage brand for the foreseeable future, and all room reservations and group bookings will be honored with no action required by guests or group organizers. There are no plans to close The Mirage or to lay off any of the team members.
Prior to 2020, HRI had no previous operational involvement with the former Hard Rock Hotel & Casino in Las Vegas at the off-strip location. HRI purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas in May 2020 and vowed to bring the brand to the Las Vegas Strip when the right opportunity presented itself.
Hard Rock expects to release details of the rebranded and reimagined resort, its new features and attractions and the development timeline at the end of next year. Barclays served as exclusive financial advisor to HRI in connection with the transaction, and Jones Day served as legal advisor together with Fox Rothschild LLP and McDonald Carano LLP as special gaming counsel.