In a landmark deal marking a significant shift in the landscape of Las Vegas entertainment and gambling, MGM Resorts International has officially sold its iconic Mirage Hotel & Casino to Hard Rock International. The transaction, which was finalized on Thursday, amounts to approximately $1.075 billion in cash, reshaping the future of the famed Las Vegas Strip.
The Mirage, known for its Polynesian-themed resort and casino experience, has been a staple in Las Vegas since it opened in November 1989. Developed by Steve Wynn, it is credited with transforming Las Vegas into a full-blown entertainment destination. The sale to Hard Rock International, which is owned by the Seminole Tribe of Florida, marks the end of an era and the beginning of a new chapter for the property.
Hard Rock International has announced ambitious plans for the Mirage, which include rebranding the property and establishing the first guitar-shaped hotel on the Las Vegas Strip, mirroring its flagship hotel in Hollywood, Florida. The new design is set to enhance the skyline of Las Vegas and attract tourists from around the globe, promising to offer a unique experience that blends luxury with a rock-and-roll spirit.
“The acquisition of the Mirage Hotel & Casino is a monumental moment for the Hard Rock brand,” said Jim Allen, Chairman of Hard Rock International. “It is not only an addition to our expanding portfolio of global destinations but a testament to our commitment to preserving and enhancing the storied legacy of Las Vegas.”
As part of the rebranding effort, the Mirage’s famous volcano attraction, which has mesmerized tourists with simulated eruptions since the resort’s opening, will be decommissioned. In its place, Hard Rock plans to introduce an innovative entertainment experience that aligns with its brand ethos. This move has sparked mixed emotions among longtime visitors and enthusiasts of the classic Las Vegas aesthetic.
MGM Resorts’ decision to sell the Mirage aligns with its broader strategy of focusing on newly emerging gaming markets and expanding its core holdings, which include a number of other high-profile properties on the Las Vegas Strip. Bill Hornbuckle, CEO and President of MGM Resorts, emphasized the strategic nature of this divestment. “The sale of the Mirage allows us to streamline our asset base and concentrate on new opportunities in the gaming and hospitality sphere,” he stated.
The sale is expected to have significant implications for the Las Vegas economic landscape, contributing to job creation and potentially increasing tourism revenue. Analysts also anticipate that the introduction of a Hard Rock property might spur further development and revitalization efforts in the central Strip area.
Nevada’s gaming regulators had approved the sale earlier this month, paving the way for the official transfer of ownership. The deal, which was first announced in late 2021, underwent months of negotiations and regulatory scrutiny, underscoring the complexities involved in such high-stakes gaming industry transactions.
As the new era for the Mirage begins, both Hard Rock International and MGM Resorts are looking forward to the opportunities and challenges that lie ahead. “This is more than just a transaction,” Allen remarked, “it’s about setting a new standard and bringing something completely different to Las Vegas.”
This sale is a telling sign of the evolving nature of the Las Vegas gambling and entertainment sectors, where heritage brands meet modern expectations, and where the landscape is continually reshaped by global players with fresh visions for the future of gaming and leisure. As Las Vegas continues to adapt and grow, the eyes of the world will undoubtedly be watching.