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MGM Resorts International said on Monday it would sell the operations of the Mirage hotel and casino in Las Vegas to Hard Rock International for about $1.08 billion in cash.
The Mirage opened in 1989 and was acquired by MGM Resorts in 2000. The property is known for its entertainment options and 90-foot Strip-side volcano.
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The sale is expected to close in the second half of 2022 and is likely to deliver to MGM Resorts net cash proceeds of about $815 million after taxes and fees.
FILE PHOTO: The logo of the Mirage Casino and Resort is seen on the Las Vegas Strip in Las Vegas, Nevada, U.S. February 26, 2018. Picture taken February 26, 2018. REUTERS/Darrin Zammit Lupi (Reuters)
The company will retain the Mirage name and brand, licensing them to Hard Rock royalty-free for up to three years while it finalizes its plans to re-brand the property.