Source: Hard Rock

HOLLYWOOD, Fla. – 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.

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®

Hard Rock International (HRI) is one of the most globally recognized companies with venues in over 70 countries spanning 309 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 87,000 pieces, which are displayed at its locations around the globe. In 2023, Hard Rock Hotels was honored by J.D. Power's North America Hotel Guest Satisfaction Index Study as the number one Upper Upscale Hotels brand in Outstanding Guest Satisfaction for the fourth time over the last five years. Hard Rock was also honored by Forbes among the World's Best Employers, as well as Best Employers for Women, Diversity and New Grads, Best Brands for Social Impact, Customer Service All-Star and a Top Large Employer in the Travel & Leisure, Gaming, and Entertainment Industry. HRI became the first privately-owned gaming company designated a U.S. Best Managed Company by Deloitte Private and The Wall Street Journal in 2021, and has since been honored threefold. In the 2022 Global Gaming Awards, Hard Rock was named Land-Based Operator of the Year for the second time in four years. Hard Rock International currently holds investment grades from primary investment rating agencies: S&P Global Ratings (BBB) and Fitch Ratings (BBB). For more information on Hard Rock International, visit www.hardrock.com or shop.hardrock.com.

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