Hard Rock International Buying The Mirage In Vegas

LAS VEGAS (AP) — Hard Rock International said Monday it wants to see how a guitar-shaped hotel will play in the heart of the Las Vegas Strip.

In what MGM Resorts International CEO and President Bill Hornbuckle called “a significant milestone for MGM Resorts and for Las Vegas,” the companies announced that MGM Resorts will sell operations of The Mirage to Hard Rock International in a cash deal worth nearly $1.1 billion.

Hard Rock International, which is owned by the Seminole Tribe of Florida, plans to build a guitar-shaped hotel at the 80-acre (32-hectare) property, Hard Rock chairman, Jim Allen, said in a statement.

The sale marks the end of an era for a property credited with helping transform Las Vegas from a gambling hub into an ultra-luxury resort destination with broader appeal.

The Mirage, developed by former casino mogul Steve Wynn, opened with a Polynesian theme more than three decades ago.

Its iconic volcano fountain was among Las Vegas’s first strip-side attractions, pre-dating the Venetian’s canals and the Bellagio’s fountains. It was known as a venue where tourists could see Siegfried and Roy taming white tigers or a Cirque du Soleil act set to a Beatles soundtrack.

It wasn’t immediately clear if the volcano will remain at the property, which MGM Resorts acquired in 2000.

As traditional gambling industry players shift their business focus to sports betting and expand in markets in Asia and the Middle East, the sale reflects the growing presence of tribal-run enterprises on the Strip.

When the Connecticut-based Mohegan Tribe opened a casino at the new Virgin Hotels Las Vegas earlier this year, it became the first tribe to operate a Las Vegas casino.

And gaming regulators are expected this week to issue a decision on the San Manuel Band of Mission Indians’ bid to acquire the off-strip hotel-casino, The Palms.

The underlying Mirage real estate is now owned by MGM Growth Properties, which is being bought by New York-based VICI Properties in a $17.2 billion deal expected to close next year.

“This announcement marks the culmination of a series of transformational transactions for MGM Resorts during the last several years,” said Paul Salem, Chairman of the MGM Resorts board of directors.

He added: “The monetization of our entire real property portfolio, together with the addition of CityCenter and our agreement to acquire The Cosmopolitan of Las Vegas, will position the company with a fortress balance sheet, premier portfolio and significant financial resources to pursue our strategic objectives.”

Jonathan Halkyard, MGM Resorts treasurer and chief financial officer, said that as the real estate owner of The Mirage, VICI Properties will be expected to reach a new lease agreement with Hard Rock.

Allen said Hard Rock International will welcome The Mirage’s 3,500 employees to its roster.

He noted that his company had no previous involvement with the former Hard Rock Hotel & Casino that operated from 1995 to 2020 east of the Las Vegas Strip.

That property was purchased in 2018 and renovated and rebranded by Virgin Hotels Las Vegas.

Hard Rock International bought the naming rights in May 2020 with plans to eventually open a Las Vegas Strip property.

Under the terms of the agreement, MGM Resorts will keep The Mirage name and brand, licensing it to Hard Rock royalty-free for up to three years while it finalizes its plans to rebrand the property.

The transaction is expected to close in the second half of 2022, following regulatory approvals.

The sale is one of several involving MGM Resorts in recent months on Las Vegas Boulevard. The company currently operates 13 hotel-casino properties in Las Vegas and 32 worldwide.

The Las Vegas-based company said in July it would buy out its partner in the sprawling CityCenter development for $2.1 billion, take control of The Aria and Vdara resorts, and lease the property to New York private equity firm Blackstone Group for nearly $3.9 billion.

MGM Resorts still remains invested in the Strip, with properties including the Bellagio, MGM Grand, Luxor and New York-New York. The company announced in September it will buy the operations of The Cosmopolitan of Las Vegas for $1.6 billion from Blackstone. That is part of a $5.65 billion deal to put ownership of the 3,000-room Cosmopolitan in hands of the Cherng Family Trust, headed by Panda Express billionaires Andrew and Peggy Cherng; real estate investment firm Stonepeak Partners; and a Blackstone real estate fund named Real Estate Income Trust Inc.

Park MGM Officially Takes Its Place On The Las Vegas Strip

Tower Signage and New Exterior Marquee Mark Major Milestone as Sydell Group and MGM Resorts Continue Property-Wide Transformation

LAS VEGAS  – With the lighting of its new marquee and hotel tower signs, Monte Carlo officially sheds its name this week for a new identity – Park MGM – making way for the resort set for completion later this year. Following a transformation that will touch every element of the central Strip property, Park MGM is a welcoming social hub that evokes the residential spirit, intimacy and individuality of a boutique experience on a resort scale.

A partnership between Sydell Group and MGM Resorts International, Park MGM was born from the collaborative vision of the New York-based lifestyle hotelier and one of the world’s preeminent destination resort developers. When complete, the project will comprise two new distinct experiences: Park MGM, and a Las Vegas version of the renowned NoMad, a standalone 292-room hotel encompassing the tower’s top four floors.

"It’s a very special moment seeing this ambitious idea begin to come to life,” said Andrew Zobler, founder and CEO of Sydell Group. "Together with MGM, we were able to rethink every element of the guest experience and create something personal on a grand scale."

Jim Murren, Chairman and CEO of MGM Resorts, said, “The opening of Park MGM, and soon NoMad, will tie together the entire neighborhood we’ve created with The Park, T-Mobile Arena and CityCenter. We are grateful to Andrew and the team at Sydell Group for sharing our vision to deliver a destination that embraces its surroundings and speaks to a new generation of travelers.”

Beginning with the opening of the 5,200-seat Park Theater in December 2016, the resort has unveiled several new amenities including completely reimagined guestrooms and suites, food and beverage offerings, lounges, pools, meeting spaces and more. The evolution of the Park MGM experience will continue throughout 2018 with the addition of nightlife; a new dining concept from Roy Choi embracing the energy of Los Angeles’ Koreatown; an Eataly marketplace designed specifically for Las Vegas; and the launch of Lady Gaga’s highly anticipated special engagement, among other elements.

NoMad Las Vegas will open within Park MGM in Fall 2018 with 292 guestrooms and suites; a dedicated entrance and lobby; high-limit gaming; a private pool environment; and the Las Vegas debut of Chef Daniel Humm and restaurateur Will Guidara, the visionaries behind the world’s best restaurant, Eleven Madison Park.

Additional details about the experiences still to come will be shared in the months ahead as the resort continues to take shape. Guests seeking a taste of Park MGM now can experience these resort features:

• Immersive Lobby: Filled with natural light and punctuated by nature-inspired décor and art, Park MGM’s lobby is a nod to urban gardens and parks, including the adjacent Park neighborhood, bringing the outdoors inside. A dramatic arboreal sculpture by Brazilian woodworker Henrique Oliveira is the focal point of the lobby. The remarkable tree sculpture extends from above with its roots stretching across the ceiling. Throughout the lobby, guests are invited to explore intriguing works by the likes of David Hockney, Shahram Karimi and Shoja Azari, and many others.
• Residential Guestrooms: Park MGM’s rooms evoke the essence of a private apartment with a mix of thoughtful touches, antique-inspired pieces, ‘found’ objects and original artwork by artists and photographers from around the world commissioned for each room by France’s be-pôles studio.
• Primrose Restaurant: Located within the lobby, Primrose is inspired by the South of France and features an all-day menu with an emphasis on open-fire cooking. The restaurant celebrates the spirit of dining in a private Provençal garden with wood-fired grilling and an herb-centric cocktail program. For guests looking to dine al fresco, Primrose offers a spacious outdoor terrace overlooking the pool, beautiful both by day and night. 

• Bavette’s Steakhouse & Bar: The heralded Chicago-based Hogsalt Hospitality serves up steakhouse fare with a dash of French flair including seafood towers, flavorful bone-in dry-aged ribeye, sumptuous side dishes and house-made desserts. Classic cocktails and a well-curated international wine list embody Bavette’s timeless vibe. For those in the know, Bavette’s features a hidden speakeasy-style lounge at the back of the restaurant offering a full menu and bar, and the ultimate in intimacy and seclusion.
• Juniper Cocktail Lounge: This stylish lounge challenges the status quo of mainstay drinks while staying true to the foundation of what makes a great cocktail. Whimsical elements like fortune-telling Gin & Tonics come to life through house-made juices and syrups, a premium selection of spirits and an intense dedication to the craft. An eclectic soundtrack creates a sophisticated atmosphere that evolves throughout the evening.

• Moneyline Sports Book & Bar: Moneyline brings a new twist to the Las Vegas sports book with intertwining spaces that playfully transport guests to their favorite neighborhood hangout. Among the duckpin bowling lanes and billiards games, Moneyline features a menu conceptualized by Hogsalt Hospitality with griddled cheeseburgers as well as self-service, weigh-and-pay food selections for guests wanting to personalize their game day feast.
• Pools: Channeling the sundrenched South of France, this vibrant outdoor escape features three pools, an oversized heated spa, 12 cabanas, lounge areas and multiple bars serving up delicious bites and beverages. Guests can mingle among friends at one of three pools – the South Pool, the East Pool or the North Pool – while lively music evokes a cool, laid-back vibe. Each pool boasts Baja shelf seating and submerged wet decks; a VIP area by the East Pool also features deluxe cushioned chaises. 
• Meetings & Conventions: Phase one of Park MGM’s 77,000-square-foot conference center combines non-traditional spaces and flexible design to fill an unmet need for small groups visiting Las Vegas. With bookings now available, meeting planners can take advantage of the city’s first Executive Meeting Center and a comprehensive installation of Stay Well rooms and meeting space.
• Casino Floor: Park MGM’s remodeled casino floor reflects the resort’s outdoor inspiration. In keeping with Sydell Group’s vision for maintaining key elements of the former space, the casino’s design contains subtle nods to its Monte Carlo roots, including the refined sparkling chandeliers, intricate crown moulding and stained-glass ceiling, all of which have been refurbished to their original beauty.
• Park Theater: Park Theater invites guests to an intimate space for one-of-a-kind productions from renowned artists. The theater is home to extended engagements with Bruno Mars, Cher, Ricky Martin – and soon – Lady Gaga.

With its unrivaled central location, Park MGM offers guests direct access to what is quickly becoming the city’s premier entertainment district, featuring T-Mobile Arena, The Park and Park Theater. 

ABOUT MGM RESORTS INTERNATIONAL

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. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 28 unique hotel offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company in 2018 opened MGM COTAI in Macau and the first Bellagio-branded hotel in Shanghai. It also is developing MGM Springfield in Massachusetts. The 78,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information visit us at www.mgmresorts.com.