Hard Rock International (HRI) 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.
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.