Hard Rock International’s year-long acquisition of The Mirage Hotel & Casino in Las Vegas finally concluded several days after Nevada’s gambling regulator gave the green light. The $1 billion deal is only the start of Hard Rock’s plans for the property. The entertainment and hospitality company will invest a significant sum in renovations, eventually rebranding the hotel to match its new owner.
Hard Rock Gains a Historic and Well-Loved Resort
The acquisition officially began in December 2021 when Hard Rock announced its intentions to purchase the iconic hotel and casino The Mirage from MGM Resorts International. The $1.08 billion deal went through the customary regulatory approvals and is now officially complete. In addition to the upfront payment for the venue’s operating assets, Hard Rock will need to pay a $90 million yearly rent to VICI Properties which owns the real estate.
Hard Rock’s newest purchase grants it access to a historic and well-loved venue in a prime location on the Strip. The 65-acre property includes a 90,548 sq ft (8,412.2 m2) casino, 3,044 rooms, and an expansive list of amenities. The entertainment and hospitality company plans to breathe new life into the iconic venue, envisioning a complete redesign and an eventual rebranding.
The Iconic Hotel Will Remain Fully Operational
Hard Rock officials have shared that the upcoming extensive renovation will be a gradual and well-calculated effort. The entertainment and hospitality company will share its complete vision sometime in 2023. The few details known to the public indicate that The Mirage will receive a dramatic and extensive redesign, adding a new guitar-shaped hotel tower to the property.
Jim Allen, chairman of Hard Rock International, stressed that the hotel and casino would remain operational throughout the entire process and the redesign would honor the venue’s rich history. The transition to the new management will be as smooth as possible without any noticeable disruption for visitors.
We are excited to create an integrated resort on the Strip that will make this legendary entertainment community proud.
Jim Allen, chairman of Hard Rock International
Allen quickly disproved the rumors of mass layoffs, welcoming The Mirage’s 3,500 team members to the Hard Rock family. The staff members received glowing recommendations from the hotel’s former owner MGM Resorts as CEO Bill Hornbuckle released an official statement lauding their dedication and professionalism.
MGM Shifts Its Focus to the East
MGM divested itself of the property to pursue other long-term strategic objectives. Some of the company’s reported goals included capitalizing on new growth opportunities, maintaining adequate capital, and repaying shareholders. MGM’s most recent plans include a $2 billion cash injection in its Grand Paradise casino in Macau, firmly believing in the region’s potential.
As far as The Mirage brand is concerned, MGM will retain its rights to the name, licensing it to Hard Rock royalty-free for up to three years. Once that period expires, the property will assume its new name, becoming the Hard Rock Hotel & Casino Las Vegas.