The acquisition is part of Hard Rock International's long-term plans to 'build an iconic Guitar-shaped Hotel which will be located on the famous Las Vegas Strip,' the company stated.
MGM expects to profit $815 million from the deal. MGM will retain The Mirage name and brand but license it to Hard Rock royalty-free for three years 'while it finalizes its plans to rebrand the property,' the company stated. Hard Rock will acquire operations of the hotel casino for $1.075 billion cash, according to MGM, and will enter into a separate long-term lease agreement for the real estate property with VICI Properties, Inc. LAS VEGAS (KTNV) - MGM Resorts International and Hard Rock International have reached an agreement regarding rights to operate The Mirage, the companies announced on Monday.
