A historic moment
MGM Resorts International has confirmed that the $1bn sale of the Mirage to Hard Rock International is complete. As a result, the Seminole Tribe-owned Hard Rock is the first tribal casino operator in the history of the Las Vegas Strip. The company took control of the property’s operations at 6am on Monday.
rent will start out at $90m
Real estate investment trust (REIT) VICI Properties, which owns the real estate on which the Mirage sits, announced on Monday that it has entered into a long-term lease with Hard Rock. Annual rent will start out at $90m and Hard Rock will retain the 3,500 existing Mirage employees. All existing reservations will be honored.
Big renovation plans
Hard Rock has already revealed its initial plans to conduct a mega-renovation of the property in the coming years, including the construction of a large guitar-shaped hotel tower. The property will remain open for the first 18 months of Hard Rock’s operations, but it might have to close during some of the construction work. The operator plans to release more details about its plans towards the end of next year.
property will be known as the Hard Rock Hotel & Casino Las Vegas
While the Mirage name will remain for the time being, following the completion of the renovation work the property will be known as the Hard Rock Hotel & Casino Las Vegas. It appears that the famous volcano attraction at the property will eventually be removed.
Welcomed with open arms
Speaking about taking over the operations on Monday, Hard Rock International chairman Jim Allen said: “We are excited to create an integrated resort on the Strip that will make this legendary entertainment community proud.” MGM Resorts International president and CEO Bill Hornbuckle in a statement welcomed Hard Rock to the Strip and wished the company all the best.
The Mirage was opened in 1989 by prominent casino developer Steve Wynn. It was the first modern mega casino resort on the Las Vegas Strip.
Hard Rock initially announced in December 2021 its intention to buy the Mirage. The operator has received all of the necessary regulatory approvals to go ahead with its acquisition, including the final seasl of approval from the Nevada Gaming Commission on Friday.
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