Hard Rock International Announces Agreement to Purchase The Mirage Las Vegas Hotel and Casino

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Dec 13, 2021, 17:55 ET

HOLLYWOOD, Fla., Dec. 13, 2021 /PRNewswire/ -- Hard Rock International, the legendary hospitality and entertainment company, today announced its agreement to acquire the operations of The Mirage Hotel and Casino in Las Vegas from MGM Resorts International, subject to regulatory approvals and other customary closing conditions. Through the acquisition, Hard Rock plans to build an iconic Guitar-shaped Hotel which will be located on the famous Las Vegas Strip.

Hard Rock plans to build an iconic Guitar-shaped Hotel which will be located on the famous Las Vegas Strip. // Photo courtesy of Hard Rock International

HRI will pay $1.075 billion in cash for the operating assets of The Mirage Hotel and Casino, subject to customary working capital adjustments. The iconic hospitality and entertainment brand will enter into a long-term lease agreement with VICI Properties Inc. for the real estate property of The Mirage.

"We are honored to welcome The Mirage's 3,500 team members to the Hard Rock family," said Jim Allen, Chairman of Hard Rock International. "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."

Prior to 2020, Hard Rock International had no previous involvement with the Hard Rock Hotel & Casino in Las Vegas. HRI purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas in May 2020 and vowed to bring the iconic brand to the Las Vegas Strip when the right opportunity presented itself.

Barclays served as exclusive financial advisor to Hard Rock International in connection with the transaction, and Jones Day served as legal advisor to Hard Rock International together with Fox Rothschild LLP and McDonald Carano LLP as special gaming counsel.

About Hard Rock International

Hard Rock International (HRI) is one of the most globally recognized companies with venues in 67 countries spanning 249 locations that include owned/licensed or managed Hotels, Casinos, Rock Shops®, Live Performance Venues and Cafes. HRI also launched a joint venture named Hard Rock Digital in 2020, an online sportsbook, retail sportsbook and internet gaming platform. Beginning with an Eric Clapton guitar, Hard Rock owns the world's largest and most valuable collection of authentic music memorabilia at more than 86,000 pieces, which are displayed at its locations around the globe. In 2021, Hard Rock was awarded the Top Employer in the Travel & Leisure, Gaming, and Entertainment Industry by Forbes, designated as a U.S. Best Managed Company by Deloitte Private and The Wall Street Journal and named the top performing hotel brand in J.D. Power's North America Hotel Guest Satisfaction Study for the third consecutive year. In 2020, Hard Rock was honored as one of Forbes Magazine's Best Employers for Diversity and a Top Employer for Women. Hard Rock Hotels & Casinos also received first place ranking in the 2020 Casino Gaming Executive Satisfaction Survey conducted by Bristol Associates Inc. and Spectrum Gaming Group. Hard Rock destinations are located in international gateway cities, including its two most successful flagship properties in Florida and home to the world's first Guitar Hotel® in South Florida, Global Gaming's 2020 Property of the Year. The brand is owned by HRI parent entity The Seminole Tribe of Florida. For more information on Hard Rock International, visit www.hardrock.com or shop.hardrock.com.

SOURCE Hard Rock International