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The Mirage Is Officially under New Management

The Mirage Is Officially under New Management

Hard Rock completed the acquisition process for the Mirage Hotel & Casino, gaining a famous and historic location. The company plans to redesign the property completely but will ensure it remains operational throughout the process.

Hard Rock International’s year-long acquisition of The Mirage Hotel & Casino in Las Vegas has finally closed days after the Nevada Gaming Authority gave it the go-ahead. The billion-dollar deal is just the beginning of Hard Rock’s plans for the property. And the hotel company will invest a significant sum in renovations, eventually renaming the hotel to suit its new owner.

Hard Rock Gains a Historic and Well-Loved Resort

The acquisition formally commenced in December 2021, while Hard Rock introduced its intentions to buy the long-lasting inn and online casino The Mirage from MGM Resorts International. The $1.08 billion deal went via the customary regulatory approvals and is now formally entire. In addition to the advance fee for the venue’s working assets, Hard Rock will want to pay a $ninety million yearly hire to VICI Properties which owns the actual estate. Hard Rock’s most modern buy offers it the right to enter an ancient and well-cherished venue in a high vicinity of the Strip. The 65-acre assets consist of a ninety-548 sq ft (8,412.2 m2) online casino, 3,044 rooms, and an extensive listing of amenities. The amusement and hospitality agency plans to respire new existence into a long-lasting venue, envisioning an entire remodel and an eventual rebranding.

The Iconic Hotel Will Remain Fully Operational

Hard Rock officials have said the upcoming major renovation will be a gradual and well-calculated effort. The hospitality and entertainment company will share its full vision sometime in 2023. The few details known to the public indicate that The Mirage will receive a dramatic and extensive makeover, adding a new guitar-shaped hotel tower to the property. Hard Rock International President Jim Allen emphasized that the hotel and casino would remain operational throughout the process and that the redesign would honor the site’s rich history. The transition to the new management will be as seamless as possible, with no noticeable disruption to visitors.

We are excited to create an integrated resort on the Strip that will make this legendary entertainment community proud. Allen quickly disproved rumors of mass layoffs and welcomed The Mirage’s 3,500 team members into the Hard Rock family. The staff received great recommendations. from the hotel’s previous owner, MGM Resorts when CEO Bill Hornbuckle issued an official statement praising their dedication and professionalism.

MGM Shifts Its Focus to the East

MGM divested ownership to pursue other long-term strategic goals. The company’s reported goals included capitalizing on new growth opportunities, maintaining adequate capital, and returning shareholders. MGM’s current plans include a $2 billion cash injection into its Casino Grand Paradise in Macau, which believes firmly in the region’s potential. As for The Mirage trademark, MGM retains its rights to the name and licenses it to Hard Rock royalty-free for up to three years. After this period, the property will adopt its new name, Hard Rock Hotel & Casino Las Vegas.

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