MGM Resorts to sell Mirage hotel and casino for $1.08 billion to Hard Rock

The Mirage opened in 1989 and was acquired by MGM Resorts in 2000

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.