Hard Rock buys iconic Mirage hotel in Las Vegas for over $1 billion

Hospitality company Hard Rock International has bought The Mirage Hotel and Casino in Las Vegas from MGM Resorts International for approximately $1.08 billion, the company announced on Monday.

According to a statement, MGM expects to receive approximately $815 million in net cash proceeds after taxes and estimated fees.

The transaction will be closed in the second half of 2022 pending regulatory approvals, the company said.

"This transaction is a significant milestone for MGM Resorts and for Las Vegas," Bill Hornbuckle, CEO and president of MGM Resorts International, said.

The Mirage is known for its prime location on the Las Vegas strip, and its attractions including an aquarium, an artificial volcano and a dolphin habitat.

Hard Rock is reportedly set to develop its signature guitar-shaped hotel on the property. MGM has, however, retained the rights to The Mirage name and brand, licensing it to Hard Rock royalty-free for three years.

"We are honored to welcome The Mirage's 3,500 team members to the Hard Rock family," Hard Rock International Chairman Jim Allen said. "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."