Hard Rock International bought the naming rights in May 2020 with plans to eventually open a Las Vegas Strip property. That property was purchased in 2018 and renovated and rebranded by Virgin Hotels Las Vegas. He noted that his company had no previous involvement with the former Hard Rock Hotel & Casino that operated from 1995 to 2020 east of the Las Vegas Strip.
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Jonathan Halkyard, MGM Resorts treasurer and chief financial officer, said that as the real estate owner of The Mirage, VICI Properties will be expected to reach a new lease agreement with Hard Rock.Īllen said Hard Rock International will welcome The Mirage’s 3,500 employees to its roster. He added: “The monetization of our entire real property portfolio, together with the addition of Cit圜enter and our agreement to acquire The Cosmopolitan of Las Vegas, will position the company with a fortress balance sheet, premier portfolio and significant financial resources to pursue our strategic objectives.”
#MGM MIRAGE SERIES#
“This announcement marks the culmination of a series of transformational transactions for MGM Resorts during the last several years,” said Paul Salem, Chairman of the MGM Resorts board of directors. The underlying Mirage real estate is now owned by MGM Growth Properties, which is being bought by New York-based VICI Properties in a $17.2 billion deal expected to close next year. When the Connecticut-based Mohegan Tribe opened a casino at the new Virgin Hotels Las Vegas earlier this year, it became the first tribe to operate a Las Vegas casino.Īnd gaming regulators are expected this week to issue a decision on the San Manuel Band of Mission Indians’ bid to acquire the off-strip hotel-casino, The Palms. It wasn’t immediately clear if the volcano will remain at the property, which MGM Resorts acquired in 2000.Īs traditional gambling industry players shift their business focus to sports betting and expand in markets in Asia and the Middle East, the sale reflects the growing presence of tribal-run enterprises on the Strip. It was known as a venue where tourists could see Siegfried and Roy taming white tigers or a Cirque du Soleil act set to a Beatles soundtrack. Its iconic volcano fountain was among Las Vegas’s first strip-side attractions, pre-dating the Venetian’s canals and the Bellagio’s fountains. The Mirage, developed by former casino mogul Steve Wynn, opened with a Polynesian theme more than three decades ago.
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