Hard Rock International has announced its agreement to acquire the operations of The Mirage Hotel and Casino in Las Vegas from MGM Resorts International, subject to regulatory approvals and other customary closing conditions. Through the acquisition, Hard Rock plans to build an iconic Guitar-shaped Hotel which will be located on the famous Las Vegas Strip.
HRI will pay $1.075 billion in cash for the operating assets of The Mirage Hotel and Casino, 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 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 in order 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.