Hard Rock International is buying Mirage Hotel Casino from MGM Resorts International for $1.08 billion, giving the Florida-based casino chain a prominent place on the Las Vegas Strip.
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Hard Rock will lease the Mirage name royalty-free for three years. The sale is expected to close in the second half of next year, according to a statement Monday by MGM, which expects to net $815 million after taxes and fees.
The deal represents a major expansion for Hard Rock, which is owned by Florida's Seminole tribe. A Hard Rock casino on the Strip was owned by Virgin Hotels for a number of years. The company is looking for a casino on the Strip, the center of Las Vegas nightlife.
The Mirage, built by casino mogul Steve Wynn, opened in 1989. It is known for its faux volcano out front that erupts nightly, as well as its dolphin and tiger attraction. MGM is in the process of acquiring the higher-end Cosmopolitan Las Vegas, and Chief Executive Officer Bill Hornbuckle said he wants to reduce the company's exposure to Las Vegas. MGM is the largest operator of casinos in America's gambling capital.
Hard Rock will pay rent to MGM Growth Properties, a real estate investment trust that owns Mirage land. MGM Growth is in the process of merging with Vici Properties.
Vici will invest up to 1.5 billion dollars in the redevelopment, with the new owners planning to build a guitar-shaped hotel on the site.
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