MGM Is Selling The Mirage Operations To Hard Rock For Over $1 Billion

The sale will yield $815 million in net cash proceeds, MGM said. The transaction is expected to close in the second half of 2022.

Paul Salem, President of MGM, said: “This announcement marks the culmination of a series of transformational transactions for MGM Resorts over the past few years. “” The monetization of our entire real estate portfolio, along with the addition of CityCenter and our agreement to acquire The Cosmopolitan of Las Vegas, will position the Company with a strong balance sheet. leading accounting, portfolio and substantial financial resources to pursue our strategic goals. “

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MGM gives The Mirage, which it has owned for 21 years, Huge discount in November. It told analysts at the time that they did not want to invest any more money in the 32-year-old property.

Mirage is located in the heart of the Las Vegas Strip and is known for its exploding volcano. MGM acquired the property in 2000. MGM owns about a dozen properties in Las Vegas, including Bellagio, MGM Grand and Mandalay Bay.

The name Mirage may not stay. MGM Resorts will license the The Mirage name and trademarks free of charge to Hard Rock for up to three years “while they finalize plans to rebrand the property.”

– CNN’s Jordan Valinsky contributed to this report.


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