Hard Rock To Purchase The Mirage Las Vegas Hotel & Casino
Hard Rock International has announced an agreement to purchase The Mirage Las Vegas Hotel and Casino.
Through this move, Hard Rock plans to build an iconic Guitar-shaped Hotel which will be located on the world famous Las Vegas Strip.
Steve Wynn sold the Golden Hotel and Casino Atlantic City to Bally’s for $ 440 million back in the late 1980’s to build The Mirage.
At the time, The Mirage was the most opulent hotel and casino ever built.
Hard Rock International will pay $1.075 billion in cash for the operating assets of The Mirage Hotel and Casino. This transaction is subject to working capital adjustments.
Further, the hospitality and entertainment company 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,” said Allen.
Barclays served as exclusive financial advisor to Hard Rock International on this deal.
Jones Day served as legal advisor to Hard Rock International together with Fox Rothschild LLP and McDonald Carano LLP as special gaming counsel.
Jim Allen, a former Donald Trump Hotel and Casino executive, has been strategically and successfully expanding Hard Rock’s reach into other gaming jurisdictions.
Prior to last year, Hard Rock International had no involvement with the Hard Rock Hotel & Casino in Las Vegas.
Hard Rock International purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas in May, 2020 and pledged to bring their brand to the Las Vegas Strip when the right opportunity presented itself.
That time is now.
NOTE: Jim Allen is said to have additional interest in New Jersey, should legalized gaming ever be approved outside of Atlantic City.
SOURCE: Hard Rock International.
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