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American casino operator Hard Rock International has announced the signing of an agreement that is to see it pay $1.075 billion to compatriot MGM Resorts International so as to take over the running of the Mirage Las Vegas venue.
The firm owned by the federally-recognized Seminole Tribe of Florida used an official Monday press release to detail that the all-cash arrangement for the 3,000-room property will see it double its presence along the Las Vegas Strip as it has been solely responsible for the nearby Hard Rock Hotel and Casino Las Vegas enterprise since March.
Progression plans:
Florida-based Hard Rock International declared that the recently-inked deal for the Mirage Las Vegas remains ‘subject to regulatory approvals and other customary closing conditions’ but is expected to become official during the second half of next year. The buyer pronounced that it will subsequently endeavor to finalize ‘a long-term lease agreement’ with the real estate investment trust behind the 32-year-old Nevada venue, Vici Properties Incorporated, before redeveloping the site via the addition of a guitar-shaped hotel reminiscent of the scheme adorning its home state’s massive Seminole Hard Rock Hotel and Casino Hollywood casino resort.
New name:
Jim Allen serves as the Chairman for Hard Rock International and he used the press release to disclose that his company has operations in 67 nations and intends to rebrand its latest purchase as the Hard Rock Las Vegas. The boss moreover noted that MGM Resorts International will retain the rights to the Mirage Las Vegas brand, which it is to license to his own firm for up to three years while the redevelopment progresses.
Read a statement from Allen…
“We are honored to welcome the 3,500 team members from the Mirage Las Vegas to the Hard Rock International family. When complete, the 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 location at the center of the Las Vegas Strip.”
Seller satisfaction:
For its part and MGM Resorts International first revealed last month that it was attempting to dispose of its interests in the ageing Mirage Las Vegas in order to reduce overheads and further diversify its holdings. The Las Vegas-headquartered enterprise used its own Monday press release to divulge that the venue it has run for over 20 years posted annual adjusted earnings before interest tax, depreciation, amortization and rent of $154 million for 2019 with the Hard Rock International transaction due to see it bank in the region of $815 million in cash.
Healthy heights:
The highly-experienced President and Chief Executive Officer for MGM Resorts International, Bill Hornbuckle, used this second press release to proclaim that the arrangement with Hard Rock International represents ‘a significant milestone’ for his company and will allow it to improve its balance sheet and secure the financial resources to pursue other strategic opportunities.
Hornbuckle’s statement read…
“As part of the team that opened the Mirage Las Vegas in 1989, I know first-hand how special it is and what a great opportunity it presents to Hard Rock International. I want to thank all of our Mirage Las Vegas employees who have consistently delivered world-class gaming and entertainment experiences to our guests for more than three decades.”
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