Hard Rock takes over The Mirage from MGM for $1.1 billion to change Las Vegas skyline

The iconic volcano attraction of the Las Vegas Strip, The Mirage, has officially changed ownership. Following the approval of the Nevada Gaming Commission, the giant Hard Rock International closed the purchase of The Mirage operations from MGM in a $1.1 billion cash deal on Monday.

Most desired resort location:

The deal, disclosed in December 2021 and publicly announced by Hard Rock two weeks ago, may also change the appearance of the casino resort located in the most desired North End location of the Las Vegas Strip hosting fans since 1989. The famous outdoor volcano attraction along Las Vegas Boulevard may be replaced, as Hard Rock International considers building a guitar-shaped hotel tower on the site.

Purchase through lease agreement:

The owner of the Mirage real estate, Vici Properties, announced that it closed a lease agreement with Hard Rock to support the closure of the deal. Vici also said that the lease agreement incurs the initial annual rent of $90 million payable by the new operator.

Announced property expansion:

Earlier this month, James Allen announced that the expanded resort would increase from 3.044 to 3.60 rooms. It will also expand the casino from 94,000 square feet to 174.000 square feet, as well as the convention space from 200.000 square feet to 283000 square feet. The number of slot machines will grow from 836 to 2.000 and the number of table games will go from 51 to 212.

On the occasion, Mr. Allen said that the expansion of the Strip’s first modern megaresort would increase both the size of its theater from 3,278 seats to 6,265 and the number of food and beverage outlets from 18 to 21.

The Mirage brand continues:

In the latest press release on Monday, Hard Rock said that it received the approval of the Nevada regulator on Friday and assumed operations control of the property as of 6 a.m. Monday. Mr. Allen said that the resort employing around 3,500 people would continue to operate as The Mirage “until the renovation and rebranding of the property to the Hard Rock Hotel & Casino Las Vegas is complete.”

Changing Las Vegas skyline:

Hard Rock CEO and President also informed the public that the process would ”take an extended period” but would also ”dramatically reimagine every aspect of the resort and change the Las Vegas skyline” with its new guitar-shaped tower. Allen also said that the company is “excited to create an integrated resort” on the Strip that will “make this legendary entertainment community proud.”

The company expects to release details of the property’s upgrade by the end of 2023.