Hard Rock International to Purchase The Mirage Las Vegas for $1.075 Billion
Main Photo: Hard Rock plans to build a guitar-shaped hotel on the Strip
Date: December 2021
Name: The Mirage
Location: Las Vegas, Nevada, USA
Number of Keys: 3,044
Seller: MGM Resorts International
Buyer: Hard Rock International
Hard Rock International has signed an agreement to acquire the operations of The Mirage Las Vegas hotel and casino from MGM Resorts International, subject to regulatory approvals and other customary closing conditions. Through the acquisition, Hard Rock plans to build a guitar-shaped hotel, which will be located on the Las Vegas Strip.
HRI will pay $1.075 billion in cash for the operating assets of The Mirage, subject to customary working capital adjustments. The hospitality and entertainment brand will enter into a long-term lease agreement with VICI Properties Inc. for the real estate property of the resort.
“We are honored to welcome The Mirage’s 3,500 team members to the Hard Rock family,” said Jim Allen, chairman, HRI. “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.”
Prior to 2020, HRI 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 vowed to bring the brand to the Las Vegas Strip when the right opportunity presented itself, according to the company.
Hard Rock International is one of the most globally recognized companies with venues in 67 countries spanning 249 locations that include owned/licensed or managed Hotels, Casinos, Rock Shops®, Live Performance Venues and Cafes. HRI also launched a joint venture named Hard Rock Digital in 2020, an online sportsbook, retail sportsbook and internet gaming platform. Beginning with an Eric Clapton guitar, Hard Rock owns the world’s largest and most valuable collection of authentic music memorabilia at more than 86,000 pieces, which are displayed at its locations around the globe. The brand is owned by HRI parent entity The Seminole Tribe of Florida.
Barclays served as exclusive financial advisor to HRI in connection with the transaction, and Jones Day served as legal advisor together with Fox Rothschild LLP. McDonald Carano LLP served as special gaming counsel.
Price: $1.075 billion
Price per Key: $353,100
THPT Comment: Hard Rock is now firmly in the casino business, together with their hotel in Atlantic City, although the guitar-shaped hotel on the Las Vegas strip will make this one of the most famous venues on the city landscape.
First Seen: Hotel Business.com
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