On December 16, Hard Rock International’s $1.07 billion acquisition of the operations of the Mirage from MGM International was officially finalized, thanks to the approval of the Nevada Gaming Commission (NGC).
Following the NGC’s approval, the deal closed on December 19. Hard Rock, which is owned by the Seminole Tribe of Florida, now becomes the first tribal operator with a spot on the famed Las Vegas Strip.
Per the details of the transaction, Hard Rock will lease the property from real estate investment trust VICI Properties, with a base rate of $90 million per year with subsequent increases. MGM has also allowed for Hard Rock to keep the existing Mirage brand in place until the property is redeveloped.
And there is no shortage of plans for that front, as Hard Rock has laid out its extensive, multibillion-dollar vision for the property, which includes a guitar-shaped hotel tower that will replace the famous Mirage volcano attraction. The tower was originally proposed to stand over 1,000 feet tall, but county commissioners refused to approve it at that height; instead, it is expected to land somewhere between 600 and 700 feet.
The company also plans to quadruple its table games, double its slot count, and add a total of 600 more hotel rooms. In total, the casino floor will be expanded by 80,000 square feet.
Construction is expected to begin late next year, with the property reopening under its new brand in late 2025 or early 2026.
During the NGC hearing, Hard Rock Chairman Jim Allen told regulators that the deal was carefully researched and planned. Allen acknowledged the historical significance of the Mirage, which first opened under Steve Wynn in 1989.
“When the opportunity to purchase the Mirage came about, it was appealing to us —the size of the parcel, located on the 50-yard line of the Strip,” Allen said. “The question was, could we create something iconic?”
Despite the fact that the property will be completely gutted and redesigned, Allen is adamant that it will remain open during construction. “It’s important to say on the record 100 percent that we’re not closing the building,” he said.
The official designs and blueprints will be done by the end of the summer, then the bidding process will take somewhere between three to four months, according to Allen. Construction itself is projected to take about 30 months.
