Hard Rock International (HRI) announced that it has reached an agreement for acquiring the operations of The Mirage Hotel and Casino in Las Vegas from it present owner, MGM Resorts International.
In place of The Mirage's Y-shaped hotel, a fixture on the Strip for over 30 years, Hard Rock is planning to construct an iconic Guitar-shaped Hotel.
HRI said it will be purchasing The Mirage Hotel and Casino's operating assets for $1.075 billion in cash, subject to customary working capital adjustments. The music-centric hospitality and entertainment brand also said it will enter into a long-term lease agreement with real-estate investment trust company VICI Properties for the parcel on which The Mirage currently sits.
"We are honored to welcome The Mirage's 3,500 team members to the Hard Rock family," HRI's Chairman Jim Allen said. "When complete, Hard Rock Las Vegas will be a fully integrated resort welcoming meetings, groups, tourists and casino guests from around the world to its nearly 80-acre, center-Strip location."
Prior to last year, Hard Rock International actually had no involvement with the previous iteration of Las Vegas' Hard Rock Hotel & Casino, and only purchased the licensing and naming rights in May 2020.
The old Hard Rock Hotel & Casino Las Vegas, which was located just off the Strip on Harmon Avenue, operated for 25 years before permanently closing in June 2020. Even at that time, HRI vowed to bring its iconic brand back to the Las Vegas Strip when the right opportunity came along.
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