Hard Rock buying Las Vegas’ Mirage Hotel and Casino operations in $1 billion deal
Hard Rock International announced on Tuesday it would acquire The Mirage Hotel and Casino in Las Vegas for more than $1 billion in cash and eventually build its signature guitar-shaped hotel nearby on the Vegas strip.
Pending regulatory and other approvals, Hollywood-based Hard Rock International is going to buy gaming and other operations of the Mirage from MGM Resorts International, one of the largest hospitality groups in Las Vegas, and intends to sign a long-term lease agreement on the 80-acre property.
“We are honored to welcome The Mirage’s 3,500 team members to the Hard Rock family,” Jim Allen, chairman of Hard Rock International, said in a statement.
In May 2020, Hard Rock acquired licensing and naming rights on the Hard Rock Hotel & Casino in Las Vegas. At that time, the company started planning to identify a gaming property to operate itself.
Upon closing after securing necessary approvals, Hard Rock intends to pay $1.075 billion for the Mirage operations. A Hard Rock spokesman said getting the go-ahead from Nevada gaming regulators could take a year, and following that the two companies could close the transaction.
Regarding the hotel shaped like an electric guitar, when construction might start was unclear Tuesday. It wouldn’t occur until after Hard Rock and Mirage finalize their deal on the gaming operations which could be late next year. A Hard Rock spokesman said the company is “committed” to building a guitar hotel and the timing would be “dependent” on scope of the design work. From idea to completion, it took a decade and $1.5 billion to build the eye-catching tower in Hollywood.
The Vegas guitar-shaped hotel, modeled after the one finished in 2019 that stands 450 feet tall in the flat South Florida landscape as the tallest object for miles around, will be constructed in front of the existing Mirage Hotel tower on the strip. It would be surrounded by some of the city’s most famous casinos, including The Venetian and Caesar’s Palace.
Hard Rock International is headquartered in Broward County and owned by the Seminole Tribe of Florida. The Tribe bought the hospitality and casino giant in 2007 for $965 million.
The company owns and licenses its name at 249 different locations, including the Hard Rock Cafe, hotels, casinos, stores and performance venues, in 67 countries.
This story was originally published December 14, 2021 at 11:19 AM.