Hard Rock International has announced an agreement to acquire the operations of The Mirage Las Vegas, both the casino and hotel, from MGM Resorts International. The deal is subject to regulatory approvals and other customary closing conditions. Hard Rock plans to use this acquisition to build an iconic Guitar-shaped Hotel which will be located on Las Vegas Strip. Hard Rock will pay $1.075 billion in cash for the operating assets of The Mirage Las Vegas Hotel and Casino. The iconic hospitality and entertainment brand will enter into a long-term lease agreement with VICI Properties Inc. for the real estate property of The Mirage.
“We are honored to welcome The Mirage’s 3,500 team members to the Hard Rock family,” said Jim Allen, Chairman of Hard Rock International. “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, Hard Rock International 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 iconic brand to the Las Vegas Strip when the right opportunity presented itself. Barclays served as exclusive financial advisor to Hard Rock International in connection with the transaction, and Jones Day served as legal advisor to Hard Rock International together with Fox Rothschild LLP and McDonald Carano LLP as special gaming counsel.
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 sports book, retail sports book and internet gaming platform. Their acquisition of Mirage Las Vegas places them front and center on The Strip with the “big boys” of gambling in America.