The Company's 50/50 venture, BetMGM, LLC, offers U.S. The MGM Resorts portfolio encompasses 33 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. Under the terms of the agreement, MGM Resorts will retain The Mirage name and brand, licensing it to Hard Rock royalty-free for a maximum period of three years while it finalizes its plans to rebrand the property.īofA Securities and PJT Partners served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts.

VICI, as the real estate owner of The Mirage will enter into a new lease agreement with Hard Rock. The Company expects net cash proceeds after taxes and estimated fees to be approximately $815 million. At the closing of the transaction, MGM Resorts master lease that currently includes The Mirage property will be amended to reduce the annual rent by $90 million. 'We plan to use the proceeds from this transaction to further advance our capital allocation strategy which includes maintaining a strong balance sheet, pursuing targeted growth opportunities and returning cash to our shareholders.'įor the twelve months ended December 31, 2019, The Mirage reported Adjusted Property EBITDAR of $154 million.

'The closing of this transaction represents another important step in the pursuit of our long-term strategic objectives,' said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International. We're thrilled to welcome Hard Rock to the neighborhood and wish them all the very best.' 'I'm excited for the opportunities that lay ahead for the property, its people and the entire Las Vegas Strip with this prime location now under Hard Rock's leadership. 'Mirage employees have delivered unparalleled service and experiences over the past three decades, and we are forever thankful for their work to make The Mirage such an iconic, world-class destination,' said Bill Hornbuckle, CEO & President, MGM Resorts International. 19, 2022 /PRNewswire/ - MGM Resorts International (NYSE: MGM) ('MGM Resorts' or the 'Company') today announced it has closed on the sale of the operations of The Mirage Hotel & Casino ('The Mirage') to Hard Rock International ('Hard Rock') for $1.075 billion in cash.

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