HOLLYWOOD, Florida 14th December – Hard Rock International owned by the Seminole Tribe of Florida, has announced its agreement to acquire the operations of The Mirage Hotel and Casino in Las Vegas from MGM Resorts International, subject to regulatory approvals and other customary closing conditions. The acquisition is part of Hard Rock International’s long-term plans to “build an iconic Guitar-shaped Hotel which will be located on the famous Las Vegas Strip,” the company stated.
Hard Rock International will pay $1.075 billion in cash for the operating assets of The Mirage Hotel and Casino, subject to customary working capital adjustments. The iconic hospitality and entertainment brand will enter into a long-term lease agreement with VICI Properties Inc. for the real estate property of The Mirage.
“We are honored to welcome The Mirage’s 3,500 team members to the Hard Rock family,” said Jim Allen, Chairman of Hard Rock International and CEO of Seminole Gaming. “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.”
“This transaction is a significant milestone for MGM Resorts, and for Las Vegas,” Bill Hornbuckle, CEO & president of MGM Resorts International, stated in the prepared release. “As part of the team that opened The Mirage in 1989, I know firsthand how special it is, and what a great opportunity it presents to the Hard Rock team. I want to thank all of our Mirage employees who have consistently delivered world-class gaming and entertainment experiences to our guests for more than three decades.”
Prior to 2020, Hard Rock International had no previous involvement with the Hard Rock Hotel & Casino in Las Vegas. HRI purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas in May 2020 and planned to bring the iconic brand to the Las Vegas Strip when the right opportunity presented itself.
Barclays served as financial advisor to Hard Rock International in connection with the transaction, and Jones Day served as legal advisor to Hard Rock International together with Fox Rothschild LLP and McDonald Carano LLP as special gaming counsel.
