GM Resorts announced Monday that it had agreed to sell the iconic Mirage Hotel and Casino in Las Vegas, Nevada, to Hard Rock International for US$1 billion.
After taxes and fees are finalized, MGM estimated that it would receive net cash proceeds of US$815 million. As part of MGM’s master lease in Las Vegas, the property’s annual rent will also be reduced by US$90 million.
Hard Rock is currently working on plans to rebrand the property into a guitar-shaped, music-themed hotel reminiscent of many of the brand’s other locations, according to multiple reports. The brand will license the Mirage name for the next three years while the redevelopment is finalized.
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