It’s (Not) A Mirage — Hard Rock International Completes Control of Billion Dollar Vegas Dream
It’s taken a year but Hard Rock International has finally completed its US$1.08 billion (£889.44m/€1.01bn) dream acquisition of the rights to operate the storied Mirage Hotel & Resort in Las Vegas from MGM Resorts International.
“[I’d] like to officially welcome the 3,500 team members at the Mirage to the 45,000 global Hard Rock family, and express our gratitude to Nevada’s Gaming Control Board, and the Nevada Gaming Commission, for approving the license for us to operate The Mirage,” said Hard Rock Chairman Jim Allen after the deal was finalised yesterday (December 19).
The 3,044-room casino resort, meantime, will continue to be operated under its current branding until a proposed extensive renovation–featuring a new tower in an iconic Hard Rock guitar design–is completed.
During the official hand-over, MGM Chief Executive and President Bill Hornbuckle thanked Mirage employees for delivering “unparalleled service and experiences over the past three decades.
“And [we will be] forever thankful for their work to make The Mirage such an iconic, world-class destination.
“I’m excited for the opportunities that lie ahead for the property, its people and the entire Las Vegas Strip with this prime location now under Hard Rock’s leadership.
“We’re thrilled to welcome Hard Rock to the [neighbourhood] and wish them all the very best,” enthused Hornbuckle.
Hard Rock International has an estimated annual revenue of US$1.3 billion (£1.07bn/€1.22bn). It operates, owns or franchises some 172 cafes, 37 hotels and four casinos in over 70 countries.
Casino real estate investment trust Vici Properties continue to own the freehold of the Mirage property itself.
Vici will now register a brand new operating lease agreement with Hard Rock.
Annual rent under an initial 25-year lease will be US$90 million (£74.12m/€84.80m), with renewal options every 10-years, for a total of 30-years.
Said John Payne, Vici Ventures President and COO: “We are excited to host Hard Rock as they establish their presence on the Las Vegas Strip, and believe their addition to the operator roster in Las Vegas further enhances the attractiveness of the market for consumers.”
To which we at iGamingFuture can only add a hardy annual “Rock On!”