MGM expects to net $815 million from the transaction with Hard Rock International. MGM Resorts International originally acquired The Mirage in 2000 as part of a $4.4 billion multi-property deal with Steve Wynn’s Mirage Resorts Inc.

VICI notes specific terms of the redevelopment deal are under discussion between the two companies. Under the agreement with Hard Rock, VICI’s Partner Property Growth Fund also could fund up to $1.5 billion in the redevelopment of The Mirage. Hard Rock will pay VICI Properties $90 million in annual base rent for a 25-year term, with three 10-year options, according to a statement from the New York-based real estate investment trust. “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,” Hard Rock International Chairman Jim Allen said in a statement.Īs part of the deal, Hard Rock will enter into a long-term lease with VICI Properties Inc., which is acquiring the real estate as part of a $17.2 billion deal with MGM Growth Properties LLC that was announced in August and could close in the first half of 2022. Want more news like this? Get the free weekly newsletter. Hard Rock also plans to bring on 3,500 employees that currently work for The Mirage. The deal, which is expected to close in the second half of 2022, pending regulatory approval, would pave the way for Hard Rock to eventually build a new guitar-shaped hotel on the Las Vegas strip, similar to its iconic flagship location in Hollywood, Fla. The tribally owned Hard Rock International brand yesterday announced it had signed a nearly $1.08 billion deal to acquire the operating assets of The Mirage Hotel and Casino from MGM Resorts International.

The Seminole Tribe of Florida intends to make a major splash on the Las Vegas strip.

Who owns the hard rock casinos