1/2/2024 0 Comments Mgm mirage![]() The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions.īofA Securities and PJT Partners served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts. Under the terms of the agreement, MGM Resorts will retain The Mirage name and brand, licensing it to Hard Rock royalty-free for a maximum period of three years while it finalizes its plans to rebrand the property. The iconic property, located at the heart of the Las Vegas Strip, is known worldwide for its 90-foot Strip-side volcano, as well as for its dynamic entertainment options. The Mirage opened in 1989 and was acquired by MGM Resorts in 2000. "We appreciate VICI, as the real estate owner of The Mirage once its acquisition of MGM Growth Properties closes, working constructively with Hard Rock to facilitate a new lease agreement," said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International. The Company expects net cash proceeds after taxes and estimated fees to be approximately $815 million. At the closing of the transaction, MGM Resorts' master lease that currently includes The Mirage property will be amended to reduce the annual rent by $90 million. "The monetization of our entire real property portfolio, together with the addition of Cit圜enter and our agreement to acquire The Cosmopolitan of Las Vegas, will position the Company with a fortress balance sheet, premier portfolio, and significant financial resources to pursue our strategic objectives."įor the twelve months ended December 31, 2019, The Mirage reported Adjusted Property EBITDAR of $154 million. "This announcement marks the culmination of a series of transformational transactions for MGM Resorts during the last several years," said Paul Salem, Chairman of the Board of Directors, MGM Resorts International. ![]() I want to thank all of our Mirage employees who have consistently delivered world-class gaming and entertainment experiences to our guests for more than three decades." MGM Resorts International is putting the Mirage in Las Vegas up for sale, parting with a property known for its lava-spewing volcano and tiger attraction. "As part of the team that opened The Mirage in 1989, I know firsthand how special it is, and what a great opportunity it presents to the Hard Rock team. "This transaction is a significant milestone for MGM Resorts, and for Las Vegas," said Bill Hornbuckle, CEO & President, MGM Resorts International. MGM Resorts today announced it has reached an agreement to sell the operations of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash, subject to customary working capital adjustments.
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