by Donald Wood
Last updated: 10:59 AM ET, Thu November 4, 2021
MGM Resorts International announced Wednesday that it plans to sell operations of The Mirage hotel and casino, located on the Las Vegas Strip.
According to the Las Vegas Review-Journal, MGM Resorts President Bill Hornbuckle released a letter to employees stating the company was in the early stages of selling operations of The Mirage property, but no sale was imminent.
Hornbuckle said the decision to sell operations of the historic hotel and casino would be "best for the long-term success of both the property and MGM Resorts."
The president of MGM Resorts said The Mirage would be the 'Crown Jewel" for another operator's portfolio, which is why the company chose now to sell. The company has no plans to sell additional properties along the Las Vegas Strip.
As part of the announcement, Hornbuckle said employees working at The Mirage complex now and through the eventual transition would operate in a "business as usual" manner.
In addition, the Las Vegas Review-Journal reported the underlying Mirage real estate is owned by MGM Growth Properties, which is being bought by New York-based Vici Properties in a $17.2 billion deal expected to close in 2022.
In related news, Caesars Entertainment revealed plans to sell at least one of its properties along the Las Vegas Strip in 2022, according to comments made by CEO Tom Reeg during a call with investors this week.
"We are looking at selling a Strip asset, expect us to put that in motion in the early part of 2022," said Reeg. "We expect to be aggressive on the refinancing front in 2022 to lower the cost of debt, and it should add up to well in excess of $5 billion in cash to deploy in 2022."
"Some of that will be spent in digital, and some in capital projects that drive ROI, but the vast majority will be used to pay down debt," Reeg continued.
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